Markets today looked like the Three Stooges after somebody shouted "Grenade!" They had all clapped their hands over their ears, ducked, then, to their surprise, there was no explosion and they were still alive and breathing. So today after the Greek election. Big build up with a little mouse-burp outcome. Left markets confused. European stocks rose strongly, then fell. US stocks were mixed. Silver & gold dropped, but only a wee bit. Dollar index rose 0.49%, Euro fell 0.52%. Welcome to Bewilderworld. Man, ain't that central bank stability something grand? Punchdrunk stocks couldn't figure out what they wanted to do. Dow fell, S&P rose, neither one much to amount to anything. Dow lost 25.35 (0.2%) to 12,741.82. Unwilling to play along, the S&P500 rose 1.94 (0.14%) to 1,344.78. Stocks will move higher, not for any fundamental reason but only for the perfervid imagination of naïve investors who know not the many alternatives the world offers which actually have some chance of making money some day and are not in a primary bear market. Stocks may reach their highs of earlier this year, but oh! What pain, weeping, wailing, & gnashing of teeth will follow. US dollar index rose 40.7 basis points or 0.49% to trade now at 81.954. 20 day moving average stands above at 82.25, & unless the Dollar Index can at least cross above that, nothing big is happening. The Greeks' electing the sell-out party did the euro no good. It sold off 0.52% to $1.2576. Appears the yen only gained last week from fear of a euro disaster, since it lost 0.58% today to 126.41c/Y100 (Y79.11/US$1). Silver & gold surprised me mildly, as I thought taking the pressure of Greek elections off them might send gold back for a visit to $1,610, but it didn't. Low today fell only to $1,615.95, but above gold could reach no higher than $1,630.22. Gold closed Comex down a measly $1.30 at $1,625.70. This is equivocal, but not bad as gold keeps a foothold in that $1,625 - $1,633 resistance zone. Gold must work its way through that barrier. This could take a while, but I believe the danger of a plunge has passed. I don't expect to see prices lower than $1,610 ever again -- BICBW. SILVER lost 6.9 cents on Comex to close 2866.5c. range was small & quiet today, too, from 2881.3 to 2829c. that 2829c low leaves a double bottom on the five day chart. On the longer term chart silver has just stalled, but above its 20 DMA (2842). Silver is still fighting that 2900c hurdle. Until it jumps that, it will be marking time. Be patient. It will come. On 18 June 2012 the British general Wellington, helped in the nick of time by the Prussian Bluecher, defeated Napoleon, who should have checked out the ground first. Waterloo marked the end of Napoleon's attempt to regain power, and on 22 June the emperor abdicated. This time, however, the English wanted to be sure, so they confined him to the remote island of St. Helena, where he spent a lot of time trying to prove that he had really won the Battle of Waterloo. Whatever else you can say about him, he had succeeded in killing most of a generation of Frenchmen and assorted foreigners. Most of us don't find that admirable. SPECIAL OFFER U.S. $5 & $10 modern commemoratives. These are US $5 and $10 gold commemoratives minted over the last 30 years to the ancient US standard. The US gold $5 commemorative contains 0.2418 oz gold and costs US$409.00 while the US gold $10 commem contains just twice as much gold, 0.4838 oz, and costs US$818.00. Premium over gold content value for these is a tiny 4%. I will sell lots of Six (6) each $5 gold commems ($409.00 each) for $2,454 + $25 shipping = $2,479.00 per lot. A $10 gold counts as two $5 golds, so you can order one $10 and four $5s and that equals six $5s, or two $10s and two $5s also equals six $5s, or three $10s equals six $5s. However, I reserve the right to mix the orders as suits me, but have roughly equal ounces of each, so you'll most likely get some $10s. Limit ten (10) lots per customer. Special Conditions: First come, first served, and no re-orders at these prices. I will write orders based on the time I receive your e-mail. We will not take orders for less than the minimums shown above. All sales on a strict "no-nag" basis. We will ship as soon as your check clears, but we allow Two weeks (14 days) for your check to clear. Calls looking for your order two days after we receive your check will be politely and patiently rebuffed. If you want faster shipping, please send a wire. Spot gold basis for all prices above is $1,625.70. ORDERING INSTRUCTIONS: 1. You may order by e-mail only to orders@the-moneychanger.com. No phone orders, please. Your email must include your complete name, address, & phone number. We cannot ship to you without your address. Sorry, we cannot ship outside the United States or to Tennessee. Repeat, you must include your complete name, address, and phone number. Our clairvoyant quit without warning last week and we can no longer read your mind. 2. Orders are on a first-come, first-served basis until supply is exhausted. 3. "First come, first-served" means that we will enter the orders in the order that we receive them by e-mail. 4. If your order is filled, we will e-mail you a confirmation. If you do not receive a confirmation, your order was not filled. 5. You will need to send payment by personal check or bank wire (either one is fine) within 48 hours. It just needs to be in the mail, not in our hands, in 48 hours. 6. "No Nag Basis" means that we allow fourteen (14) days for personal checks to clear before we ship. Want your order faster? Send a bank wire, but that's not required. Once we ship, the post office takes four to fourteen days to get the registered mail package to you. All in all, you'll see your order in about one month if you send a check.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger
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