The silver and GOLD PRICE remain locked in a range, with no relief sighted today. Gold did close above its 20 day moving average (1591.14), that is, when it fell did not fall that far. Lost $8.80 to close at $1,595.70. We’ll see tomorrow whether those folks who have been willing to buy so much at $1,595 are still willing. The GOLD PRICE closed one thin dime above its low today.
The SILVER PRICE lost 14.1 cents today and closed Comex at 2864.4c, toward the bottom of its 2850c – 2950c trading range. Low today came at 2861c.
Break of the range lows here would carry gold to $1,550 – $1,560 and silver to 2700 cents, perhaps. Why metals continue to struggle so with the world banking system picking depositors’ pockets, and Europe a melting façade, I haven’t a clue. Sooner or later, reality will assert itself, with a vengeance. Of course, if I were the Nice Government Men, I’d be hammering silver and gold for all I was worth lest they run away upside and stampede the lemmings.
Stocks rose again today. Dow gained 111.90 (0.77%) to 14,559.65. S&P marched right in step, up 12.08 (0.78%) to 1,563.74. S&P500 still hasn’t reached that 2007 high. Do not give in to Wall Street’s siren song. This will end badly.
Dow in gold is still rolling over, but jumped up today, but Dow in silver remained about the same.
Currencies? Who cares? It’s all a lying Potemkin village put on to delude the victims, namely, us.
US dollar index was flat, gaining 1.7 basis points to 82.872. Euro rose 0.05% to $1.2861 (nothing) while the Yen gave back 0.33% to close 105.89.
I don’t mind telling y’all, I am nervous, and not about metals but about the financial system. Clownish and arrogant Europeans have flashed a signal worldwide warning depositors to run on their banks. What if they do? US currency in circulation is less than $1,000 per head. How can an economy run on that? It can’t. What a mess.