The <b>Gold Price</b> Eased Off $6.10 Today Closing at $1284.40 |
- The <b>Gold Price</b> Eased Off $6.10 Today Closing at $1284.40
- Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Added $10.90 Closing at <b>...</b>
- <b>Gold price</b> slides to 7-week low as hedge funds drop 1.8m ounces <b>...</b>
| The <b>Gold Price</b> Eased Off $6.10 Today Closing at $1284.40 Posted: 03 Apr 2014 04:19 PM PDT
The GOLD PRICE eased off $6.10 (0.5%) today to close Comex at $1,284.40. The SILVER PRICE backed up 24.5 cents (1.22%) to 1978.6c. About the time of that European announcement, I reckon, about 10:a.m. anyway, silver broke down and hit the day's low at 1966c. That was a V-bottom -- somebody was waiting to buy down there. Bounced right back above 1975-1980c, but went no further. Erased Wednesday's gains and left us where we began. Not quite so with the GOLD PRICE. Gold's action today left a slightly higher low ($1,281.90) than Tuesday's ($1,277.40). Doesn't sound like much, but catches your eye on a five day chart. Line is plainly drawn: the gold price must clear $1,295. A drop below $1,277 would gainsay my interpretation that gold has either (1) seen its low for this move or (2) seen at least an interim low. We'll know tomorrow what happens, unless that lying government report skews everything. I often tilt my head in bewildered wonder at the factors and events that drive markets nowadays. Tomorrow a yankee government employment report will be issued in which they will lie shamelessly about the jobless numbers. Nobody sane believes these numbers, and the government will revise them in six weeks or so to prove they were lying in the first place. NOTWITHSTANDING those trumped up job numbers will drive markets tomorrow, as if they actually meant something, or as if the plans of a well-run, efficient business could be cast into disarray by one lying government report. It's getting so I believe everybody but y'all and me are nuts, and I ain't too sure about y'all. Didn't anything startling happen in markets today. Stocks backed off, holding their breath for that precious priceless prevarication due tomorrow. Dollar rose because the ECB mumbled some oracle, and silver and gold cringed because the scrofulous dollar rose (probably). Dow closed 16,572.55, down a miniature 0.45. S&P500 lost 2.15 (0.11%) to 1,888.77. Both broke out yesterday upside, MACD for both gave a buy signal, but if you look at that declining volume over the last year while all these new all-time highs have been made, you might have to scratch your head and wonder if stocks ain't running out of gas. The little jiggle the Dow in Gold and Dow in Silver jiggled today from stocks flattening and silver and gold dropping, frankly, just ain't worth talking about. Nothing changed. The criminals running the European Central Bank today pledged to use "unconventional measures" to -- get this, write it down, mark this -- battle "low inflation." O, shucks! We're not picking the public's pockets fast enough, so let's crank that inflation up to melt their savings and capital, and help the banks. ECB implied it would print new waves of money, but kept interest rates near zero. On that news the US dollar index (killers of hope, gobbler of savings) rose a less than spectacular 23 basis points or 0.3%. I will concede that takes it above the 05 DMA 80.31 and points it toward the 200 DMA at 80.99, and throws a leg over 80.50 lateral resistance, so the dollar should rise more. The scabby euro, on the other hand, sank away from resistance, confirmed its down trend with another lower high and lower low, and broke below its 50 DMA ($1.3734). Closed down 0.35% at $1.3719. Tugging at the reins like it wants to drop to $1.3500. And the Japanese yen --Is there any reason to talk about that? Dropped 0.04% to 96.24 cents/Y100, still a-fainting. - 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.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Added $10.90 Closing at <b>...</b> Posted: 02 Apr 2014 09:27 PM PDT
The GOLD PRICE added $10.90 (0.85%) & Silver jumped up 36.2 cents (1.8%) to 2003.1c. Ratio dropped from 65.057 yesterday to 64.425. Look more closely. Silver stayed under 1990c until 9:00, when somebody big said, "Buy!" Vaulted to 2015c, then stayed flat most of the rest of the day, but trailed off at the end. The SILVER PRICE is leading this move up, and that's a good sign. Still, silver & gold prices need to confirm higher goals by other indicators. A close above $1,305 tomorrow wouldn't hurt. If I wanted to watch a wholly bogus stock, I would watch Facebook (FB), maker of nothing, producer of nothing, founded on nothing, light as air, hitchhiker on the ephemeral & unreal. Like Apple (AAPL) before it Facebook seems to have fallen from grace lately. After reaching 72.59 in early March, it tanked to 57.98 (down 20%) and fell below its 20 DMA, 50 DMA, and uptrend line. It is trying now to climb back through that line. A stock this bogus in a market this bogus is bound to wind up a dead canary on the bird cage floor before the mine fills with poison gas. Mercy, it may have already done that. But then, how much does a nacheral born durned fool from Tennessee know next to them Wall Street smarties who've been picking y'all's pockets so efficiently for so many years? 'Twas a lackluster day for stocks with a zootz toward the end that took the S&P500 to a new high. Dow rose 40.39 (0.24%) to 16,573 while the S&P500 climbed/clumb 5.38 (0.29%) to 1,890.90. Mmmmm. Today might have marked the end of the upward correction in the Dow in Metals. Dow in gold dropped 0.59% to 12.84 oz (G$265.43 gold dollars), just shy of a 61.8% correction. Full stochastics are rolling over earthward. Dow in Silver has made (as of yesterday) an 86.8% correction of the December - February drop. Closed today LOWER BY 1.31% at 826.58 oz (S$1,068.70 silver dollars). BE WARNED: I am anticipating here. No full evidence of a downturn, yet it seizeth my eye that the day stocks hit new highs, the indicators turn down. Well, well, the US dollar, destroyer of nations & middle class capital, turned around today, rose 15 basis points (0.19%) and closed at 80.39. It really needs to climb above 80.50 to turn up, but this at least lodged it above the 50 DMA (80.32). Might rise after all. Euro passed out again, down 0.2% to $1.3764, dashing whatever fragile hopes it had yesterday raised from the dead. Yen has fled in a full scale rout, down another 0.2% today to 96.28 cents per 100 yen. That closes below the last low at 96.38 cents. US Ten Year Treasury note yield also jumped a meaty 1.6% today to 2.803%. T-note yield has been congested and skrunched up in a narrow range, but after proving in February that it was indeed headed higher (it bounced off a lower range boundary line), it gapped up today. Must close above 3.036 to attract attention, but it will. Copper has fought its way back up to $3.05, but requires a close higher than $3.25 to prove it does not intend to visit the earth's core. On 2 April 1792 the US Congress passed the Coinage Act which made the dollar of silver (371.25 grains fine silver or 0.7734 troy ounce fine silver) the standard coin, with smaller halves, quarters, dismes [sic] & half-dismes. The act also provided for gold coins or "eagles" not denominated in but valued in dollars. The eagle was "valued at" $10 and contained 247-1/2 or 0.5156 troy ounce fine gold. There were also half and quarter eagles. Dr. Edwin Vieira describes this system as "symmetalism" because the system allowed for using both metals and adjusting only one coin for changes in the world gold/silver ratio. Those changes were made in the 1830s, but without cheating anyone. That was a right different government in those days. When the coin lost its integrity, so did the nation. On 2 April 1914 the US Federal Reserve Board announced plans to divide the country into 12 districts, symbolic, no doubt, of its conquest. When the coin lost its integrity and independence, so did the nation. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - 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> slides to 7-week low as hedge funds drop 1.8m ounces <b>...</b> Posted: 31 Mar 2014 03:12 PM PDT Softness in the price of gold continued on Monday bringing the retreat in the metal from its 2014 highs to more than $90 an ounce as speculators cut bullish positions and gold-backed ETF investors scale back holdings. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery in late afternoon dealings traded at $1,284.50 an ounce, down nearly $10 or 0.8% from Friday's close and at the day's low. The yellow metal has taken a hammering over the past two weeks of trading – gold is down from a 2014 high above $1,380 reached a fortnight ago to levels last seen February 11. Gold is still up 7% since the start of the year, but the positive momentum seems to be grinding to a halt. Speculators in gold futures and options reversed course last week with large investors cutting back on long positions – bets that the price will go up – in the week to March 25 according to the Commodity Futures Trading Commission. On a net basis hedge funds now hold 120,042 lots or 12 million ounces in net longs. That compares to 13.8 million ounces the previous week which was the most bullish positioning taken in more than a year. Last week also saw a second week of reductions of holdings in exchange traded funds backed by physical gold. Latest data show in the week to 28 March global gold ETF holdings declined by 0.4 tonnes taking total bullion allocated to investors down to 1,765.8 tonnes. Bullion held in gold ETFs are still on track for a net gain of more than 30 tonnes during the first quarter, however. Gold bullion holdings in global ETFs hit a record 2,632 tonnes or 93 million ounces in December 2012, but last year saw net redemptions of 800 tonnes. |
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