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Gold
Price Close Today : 894.70
Gold Price Close Last Friday: 895.40
Change: -0.70 or -0.1%
Silver Price Close Today : 17.180
Silver Price Close Last Friday: 17.397
Change: -22 cents or -1.3%
US Dollar Index Today: 72.88
US Dollar Index Last Friday: 72.351
Change: 0.53 or 0.7%
Not surprising anyone very much, SILVER and GOLD PRICES dropped today
after Friday's big rises. The gold price dropped US$0.70 to close at
US894.70, while the silver price dropped 22 cents to land at $17.18 cents. Both
traded lower in the aftermarket. Silver's low at $17.03 remained above
$17.00. That close took the silver price below its 50 day moving average
(DMA, now $17.28) while Friday's had taken it above. It's a fight I'm
counting on silver to win.
The GOLD PRICE, too, is fighting with that 50 DMA (now 900.66) trying
to break through. Although silver and gold prices will remain volatile for a
while, I remain persuaded that we saw the silver and gold price lows of this
correction on 1 May and will not see lower prices.
Buy them while you can.
Ahhh, in my enthusiasm Friday I forgot to remember that oil's big move that
one day looked an awful lot like blow-off trading. Anyway, with a one-day
move in the oil price that strong, you can bet old Bucket Shop Ben Bernanke
and his cronies would be fixing the market come Monday.
Here's an easy shot at those who deny the US Treasury & Fed manipulates
markets: currency exchange rates. Per the propaganda, currencies float freely
-- Right, and if frogs had wings they wouldn't bump their little bottoms when
they jump. Once a month in Basel,
Switzerland
the heads of the world's biggest central banks meet, and you can bet the don't talk about the coq au vin they had for supper. Folks,
they work together! They fix the market! Since 1934 the Treasury has had, by
statute, a slush fund called the Exchange Stabilisation Fund. Thus you can
bet your mother's retirement money on this certainty: central banks
manipulate exchange rates. Therefore, we can conclude that it's not the
market alone that's pushing the dollar lower (although its fundamentals
certainly make it a sell), but the Fed & the Bush administration who are
letting it fall.
So today the US DOLLAR INDEX shot up 53 basis points. Wow. I am impressed,
but not much. What other move did Bucket Shop Ben and his gang
have, but to punch up the dollar? Even though the dollar chart has
been "painted,"they've painted it well. Looks set to move through
resistance at 73 tomorrow or Tuesday.
STOCKS were bumfuzzled today, and didn't know "Sic 'em" from
"Come here." The Dow rose a mighty 70.5 points, while the
S&P500 was smokin' with a 1.08 point rise. Meanwhile the Nasdaq Comp
dropped 15.10 points. Confused markets go down or nowhere.
Franklin Sanders
www.the-moneychanger.com
Reprinted
with permission from The Moneychanger. Franklin Sanders
lives on a farm in Middle Tennessee by choice, deals in physical gold &
silver, and has been writing and publishing The Moneychanger for nearly 26
years. In 1993 he wrote Silver Bonanza for Jim Blanchard. Last year he
published "Why Silver Will Outperform Gold 400% and & The
Professional Trading Secrets That Will Make the Most of Your Silver &
Gold Investments," still available at www.the-moneychanger.com/order/publications.html.
You can sign up for Mr. Sanders' free daily e-mail
commentary on gold & silver at www.the-moneychanger.com, and download your free portfolio calculator to
keep up with your gold and silver investments.
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