Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Rose Closing at $1,311.40 |
- Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Rose Closing at $1,311.40
- <b>Gold Price</b> Volatility | Stewart Thomson | Safehaven.com
- <b>Gold</b> Loses Previous Week's Gains: Weekly <b>Gold</b> ETF Update
| Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Rose Closing at $1,311.40 Posted: 25 Mar 2014 04:40 PM PDT Gold Price Close Today : 1,311.40 Change : 0.20 or 0.02% Silver Price Close Today : 19.955 Gold Silver Ratio Today : 65.718 Silver Gold Ratio Today : 0.01522 Platinum Price Close Today : 1420.90 Palladium Price Close Today : 789.40 S&P 500 : 1,865.62 Dow In GOLD$ : $258.01 Dow in GOLD oz : 12.481 Dow in SILVER oz : 820.24 Dow Industrial : 16,367.88 US Dollar Index : 80.060 The GOLD PRICE rose -- are y'all ready for this -- twenty cents today, to close Comex at $1,311.40. The range was from $1,335.70 to $1,308.50. Gold traced out a strange pattern today, like a cross section of a volcano. From yesterday's lows around $1,308 it ramped up, flattened out, then dropped to the day's low suddenly, and just as suddenly rose back to the mouth of the caldera. Rest of the day it trailed off down hill. Silver trading today looked much the same, only moreso. The SILVER PRICE gave up 8.8 cents to close Comex at 1995.5c. Bollinger Bands are a gauge of volatility over the last 20 or so days of trading. When a market hits the top band, it's pushing its luck, and when it hits the lower band it's a candidate for rallying. Both silver and gold are trading at or below their bottom Bollinger Bands. No magic there to prevent a market from punching far through those lines, just less likely. This makes both look ready for some sort of countertrend rally. However, I note that on the way up, both kept punching into that top BB for a long time. Remember to watch on the GOLD PRICE chart that triple confluence of the 200 DMA, 50 DMA, and $1,300 resistance/support. In silver watch for a spike toward 1950c. If you want to see a picture of "financialization of the economy," go to http://read.bi/1ixWea3 for the Business Insider Chart of the Day entitled "The Rise of the $156 Trillion Market for Global Financial Assets." From about $10 trillion in 1980, global financial assets have grown from to $156 trillion. Between 2000 and 2013, debt markets tripled in size. The reasons cited in the article are not the causes, only footnotes. The real cause is twofold, (1) an enormous debt increase and (2) "financialization." Financialization occurs when financing, the parasitical, useless, and mischievous trafficking in paper, crowds production (agriculture and industry) out of the economy. Financialization is simply churning debt, securitizing everything in sight, to profit the financializers, who add no value to the world's wealth, only to their own. And the chart doesn't show the OTC derivatives market, with a notional value of $693 trillion. Briefly stated, the chart reveals the hyperbolic growth of a tapeworm. My, my, you all are looking a mite pale and peaked. Y'all wouldn't be suffering from economic tapeworms, would you? Stocks teetered the other way today, up instead of down, but little changed. The two big indices did manage to close above their 20 day moving averages, while yesterday they closed below. Dow added 91.19 (0.6%) to 16,388.77. S&P500 augmented 8.18 (0.4%) to 1,865.62 S&P500 remains within an even-sided triangle whose upper boundary hovers right above today 1,872 high. That triangle tells us naught about a breakout's direction up or down, only that one looms. S&P500 remains with (for now) a double top while the Dow shows a series of declining tops or double tops. This is not the matter from which great rallies are spun, but the Dow's MACD is trying -- trying -- to flash a buy signal. Dow in metals continued to rise. Dow in Gold climbed 0.385 to 12.48 oz (G$257.98 gold dollars) and closed above its 50 DMA (12.40). About time to about face. Dow in Silver ascended 0.36% for an 819.25 oz close (S$1,059.23) and is well above its 50 DMA and an internal resistance line. A 75% correction would carry it to 823.58 oz (S$1,064.83). US dollar index tagged along with stocks, teetering the other way today but after an 80.42 high, it closed at 80.09, up only 3 basis points. That smells weak. Anyway, the dollar does nothing until it bursts through 80.50. Bad news for the Frenken-currency today. Euro fell 0.09% to $1.3825, slap on its 20 DMA. This adds to a series of lower lows. If support at $1.3750 gives, the euro will be diving off a dock with cast iron shoes. Media reasons given for the euro's decline were disappointing business confidence, plus ECB jawboning and posturing. Yen fell a meaningless 0.04% to 97.80 cents/Y100. Locked in a 99.24 - 96.38 trading range. All inbetween is meaningless noise. O'Bama today said Russia's further encroachment into Ukraine would be "a bad choice." Face it: Teddy Roosevelt he ain't. He ain't even Millard Fillmore. Today is independence day in Greece, celebrating their wining independence from Turkey in 1821. Now if they could just win independence from the banks. . . - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose.  |
| <b>Gold Price</b> Volatility | Stewart Thomson | Safehaven.com Posted: 25 Mar 2014 10:00 AM PDT There are very few price areas where risk capital can be invested in gold, with a reasonable degree of confidence that a "significant low point" will be established there. In my professional opinion, those price areas are major HSR (horizontal support and resistance) zones. These key HSR zones are most apparent on the weekly and monthly gold charts. Please click here now. Double-click to enlarge. On this monthly gold chart, note the buy-side HSR in the $1227.50 area. Even when the gold price "arrived" in this key area, it still declined about $50 further, to $1180. When there is no major buy-side HSR in the current price area, it is very difficult to make accurate predictions about the next major rally. Long term technical oscillators on that monthly chart suggest that the big rally from the $1227.50 HSR zone can continue, but without major buy-side HSR in play now, it's a bit of a crapshoot to guess when a sustained move higher will commence. As gold rallied into the $1390 area, Indian gold dealers began mentioning the possibility of a dip towards the $1300 area. Their bids appear to have diminished in the $1360 - $1390 zone. While hedge funds kept buying near the highs, they generally use a lot of leverage. They have to exit the market quickly when it declines. Without heavy support from physical dealers, gold tends to experience violent intermediate trend sell-offs around key Western fundamental events like FOMC meetings, comex option expiry, and US employment reports. On that note, please click here now. That's a snapshot from the CME website of the comex April gold option contract. Those options expire tomorrow (March 26). While there are lots of call options outstanding, there are also many put options with a $1300 "strike" price. Put option holders profit if the price of gold is well below their strike price on expiry day. Deep-pocketed banks that hold the other side of that trade are likely to be buyers of gold futures contracts in this general price area, in an attempt to prevent put option holders from making large profits. Please click here now. That's the daily gold chart. There is minor trend HSR at $1308, $1300, and $1280. Gold is currently trading above all three of those prices. Because of the severe drawdowns that many gold market investors have experienced over the past few years, emotions can run very high on any disappointing sell-off, like the current one. It's important for investors to fight those emotions and maintain their focus on the big picture. It's likely that Indian dealers are already beginning to come back into the gold market, and that should reduce price volatility almost immediately. Please click here now. That's a daily chart of the US dollar versus the Indian rupee. The dollar broke below key HSR yesterday. Breakdowns that occur on low volume tend to be significant, and that's the case here . A major decline in the dollar against the rupee would increase the amount of gold that Indians can buy. That's bullish for gold. Please click here now. That's the daily silver chart. Note the stokeillator, at the bottom of the chart. The lead line is at about 20, which is where decent minor trend rallies can begin. While Indian dealers have reduced their gold imports over the past year due to government red tape, they have increased silver imports quite significantly. Silver is my favourite metal right now, and a Narendra Modi win in the upcoming Indian election could help silver prices recover quite nicely. Modi has been weighed in silver by local dealers, and he is endorsed by all the major Indian bullion associations. Please click here now. That's the daily CRB (general commodity index) chart. The RSI oscillator become massively overbought. I highlighted that with a red circle. The overbought condition has now dissipated. Note the position of the stokeillator at the bottom of the chart. It suggests a general commodity rally should start very soon, but that rally is likely to be only a minor trend move. In the commodity sector, and especially in gold and silver, some patience is currently required, but I don't see anything to be overly concerned about. Generally speaking, most technical indicators are oversold on commodity index monthly charts, but a little overbought on the weekly charts. They are generally "almost oversold" on the daily charts. Emotionally, that's a very tough situation for investors. Commodities can rally a bit now, but they are unlikely to begin a fresh sustained intermediate trend higher until the weekly chart indicators approach oversold levels. Please click here now. That's the daily GDXJ chart. The stokeillator lead line is at 25, and the price is near the main uptrend line. A rally seems imminent. Most investors in the gold community are junior stock enthusiasts. The good news is that even if GDXJ fails to rally significantly, many individual issues should bounce nicely higher. Once tomorrow's option expiry day is out of the way, and physical dealers in India are back in the market, the current price volatility should lessen. The gold market is probably just days (and maybe just hours) away from regaining the "steady as she goes" type of price action that it exhibited on the rally from $1180 to $1290! Special Offer For Website Readers: Please send me an Email to freereports4@gracelandupdates.com and I'll send you my free "Yellowcakes Versus Silver" report. Some analysts believe that uranium stocks could outperform all market sectors in 2014, while others believe silver stocks are the better play. I'll show you why I own both sectors, and which stocks I'm focused on now! |
| <b>Gold</b> Loses Previous Week's Gains: Weekly <b>Gold</b> ETF Update Posted: 23 Mar 2014 04:00 PM PDT After climbing for six consecutive weeks, gold prices made their most drastic weekly decline since September, as a result of developments from the Wednesday's release of the FOMC Statement, giving the first bit of forward guidance about the Fed's plans to raise the federal funds rate from its "near-zero" level of 0 – 0.25 percent strengthened the dollar, driving investors out of gold. Beyond that, at her first press conference as newly-appointed Fed Chair, Janet Yellen explained that the Fed could begin to raise the federal funds rate from its current 0 – 0.25 percent range approximately 6 months after the Fed's bond-buying program ends in the fall. The news sent gold's spot price falling as low as $1,327.80 per ounce. Although gold prices had been expected to suffer from the tapering of the of the Federal Reserve's bond-buying program, the spot price of gold has risen 10.76 percent since the new year began. The quantitative easing program is credited with pushing gold prices to record highs during 2011. The weakening of the dollar which resulted from quantitative easing had enhanced gold's status as a "safe haven". As a result, the phase-out of QE has been seen as a threat to gold prices. A review of the chart for gold's spot price demonstrates that when the price rose above $1,237 per ounce on January 3, it broke the neckline of December's bearish head-and-shoulders pattern on the chart. On February 18, the spot price rose as high as $1,332.40 per ounce, crossing above the neckline of the October 17 – November 11 head-and-shoulders pattern to break its curse and signal the likelihood of a further advance. After spending the first week of March a consolidation phase, gold prices surged with escalating tensions in the Ukraine. Gold's recent decline has contributed to the development of a new head-and-shoulders pattern. The chart below depicts the trading activity in the SPDR Gold Trust ETF (NYSEARCA:GLD) during the past 180 days (Chart courtesy of Stockcharts.com).
GLD's Relative Strength Index dropped to 50.83 from last week's 72.05. The MACD is falling further below the signal line, suggesting that GLD could continue its decline during the immediate future. The following is a summary of how precious metal spot prices and ETFs performed from the close on Friday, March 14 until the close on Friday, March 21: Gold ETF Update:Gold Spot Price: $1,334.50/oz, -3.47% .Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC. |
meeting of the Federal Reserve's Federal Open Market Committee. Gold had already been sinking on Monday and Tuesday, as it became apparent that the situation in the Ukraine would not bring about World War III.
As with the spot price of gold, an inverse head-and-shoulders pattern formed on the GLD chart since January 24, signaling the likelihood of a further advance. After six weeks of gains, GLD's 50-day moving average (currently $125.19) has come within 38 cents of its 200-day moving average (currently $125.57) raising the potential for a "golden cross" moment, where the 50-day moving average would cross above the 200-day moving average. The recent decline is making that scenario less likely.
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