We may have seen the bottom in silver & gold overnight. Tentatively. First steps.
The whole financial world is so bogus. Fed propagandists have found their "We might end QE sometime soon" theme has worked such wonders that they're pedaling that bike overtime. Chicago FedHed Evans was seen spouting that nonsense today. Right, sure, the US economy will just keep on creating jobs (or the NGM will just jimmy the numbers further so the unemployment LOOKS smaller) & the Fed will slam on the brakes and make the whole addicted US economy go inflation-cold turkey. Sure -- when your grandmother grows a beard & moustache. A level of propaganda this preposterous shows that the gullibility of the American public cannot be overestimated -- nor the contempt Our Masters have for us.
Part of this fun today arose from the US dollar index falling back from its Friday high by 36.6 basis points (0.47%) to 83.748. I have been expecting it to continue to advance, but that's a pretty hefty stumble. Besides, currencies can only be parsed temporarily by technical analysis, since the Nice Government Men can change directions -- and exchange rates -- at any time for any reason.
Yen climbed 0.96% to 97.79. If we had found the yen passed out on the street, this would be the equivalent of barely fogging a mirror held under its nostrils.
Euro also shot up today, well, rose 0.37% to $1.2887. What tarnishes the luster on that? Friday it hit the neckline of a head and shoulders that began building last September. Whether the euro intended to drop further or not, it would ordinarily bounce off strong support like that. Neckline is around $1.2800 now. When the Euro breaks that level, 'twill drop like a hambone in swill.
Stocks stuttered & staggered on their way to Schlaraffenland today. Dow lost 19.12 (0.12%) to end at 15,335.28. S&P500 backed up 1.18 (0.07%) to 1,666.29. A mania cannot be parsed, so I won't even try to point to a top. When it stops, it will stop fast, hard, and humiliating.
Dow in gold & Dow in silver both dropped right smart today. Dow in silver perched at 679.51 oz, down 7.84 oz or 1.14%. Dow/Gold lost 0.17 oz (1.52%) to 11.078 oz.
Now, finally, to silver & gold.
Overnight SOMEbody (wink, wink!) tried to crush silver with massive sales in Asia (Sunday night our time). They drove silver down to 2023.5c, but that lasted only very briefly. By midnight New York time silver has climbed back above 2100c, and climbed slowly through the rest of European trading. By New York open it had reached 2180c, backed off, traded up to 2200c by noon, then in a single bound leapt to 2270c. Comex closed UP 22.9 cents at 2256.8c, after a range of 299 cents. Whew.
Today's trading paints the first half of a Key Reversal: a break to new low ground with a close higher than the preceding day (Friday closed 2233.9c). IF silver confirms with the second half of that Key Reversal tomorrow (a higher close than today's), you've got your sign that it's reversed. Permanently? Don't know. Have to see how it behaves, step by step confirming that reversal.
Silver's crucial support now is 2250c, where "crucial" means "must hold."
Gold suffered the same sort of attack that silver suffered, only with less effect. Drove it down to $1,336.50 in Asian trading, rose in a rounding bottom to $1,365 when Comex opened. Backed off, strengthened, then jumped square up $1,365 to $1,385 in one leap. High hit $1,398,60, tapping hard on $1,400.
This, too, marked the first half of a Key Reversal for gold, new low with higher close. Tomorrow to complete that Key Reversal gold must close above $1,384.30.
Y'all need to comprehend that looking at charts is a work continually in progress. It says something until it contradicts or confirms. Today's trading left double bottoms on both charts. For now, both metals have reversed, but they must confirm that Key Reversal tomorrow.
This may be the witness we've been waiting on. I bought a little of both metals, just in case. That higher close tomorrow will really stimulate my buying glands. SPECIAL OFFER
U.S. $5 modern commemoratives.
Today I was able to buy a good-sized lot of US $5.00 commemoratives (0.2419 troy ounce fine gold content). These have been minted over the last thirty years to the ancient US standard to commemorate various events. and are not to be confused with the American Eagle gold coin series. All are in proof or proof-like condition.
Based on today's gold close at $1,384.30, the premium for these coins over gold is a tiny 5.9%.
I will sell lots of Eight (8) each $5 gold commems ($354.50 each) for $2,836 + $35 shipping = $2,871.00 per lot.
If you order more than one lot, add only one $35 shipping charge.
Limit ten (10) lots per customer. All lots are sold subject to the special conditions below, no exceptions. Sorry, no re-orders at these prices.
If I have miscounted my inventory and come up short, the LAST person to order will receive fewer coins, at a price reduced to reflect the smaller quantity.
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. ORDERING INSTRUCTIONS:
1. You may order by e-mail only to firstname.lastname@example.org. No phone orders, please. Please do NOT order by replying to this email, because it will delay your email.
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. When you give us an order, we cannot later change or cancel the trade. We are giving you our word that we will sell at that price, & you are giving us your word that you will sell at that price, regardless what later happens in the market, up or down.
If you break your word to us, we will never again do business with you.
3. Orders are on a first-come, first-served basis until supply is exhausted.
4. "First come, first-served" means that we will enter the orders in the order that we receive them by e-mail.
5. If your order is filled, we will e-mail you a confirmation. If you do not receive a confirmation, your order was not filled.
6. 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.
7. "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.
On 20 May 325 the first Christian ecumenical council convened at Nicaea (Constantinople) in Asia Minor. At issue was the most fundamental doctrine of Christian orthodoxy & the nature of God, the Trinity. In spite of all the forces arrayed against it, orthodoxy prevailed.
On 20 May 1775 North Carolina became the first colony to declare its independence. On 20 May 1861 North Carolina became the eleventh state to secede from the union. North Carolina furnished more troops to the Confederacy -- 125,000 -- and suffered more soldiers killed -- 40,000 -- than any other Southern state.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger