Today markets roused a little excitement. Whether that changes anything or not is another story.
Lo, stocks had their best day this year, but then, that's not saying much. Dow fluttered up 188.3 (1.22%) to 15,628.53, & back above its 200 DMA (15,483.08). Since other people watch charts, too, it's reasonable to expect them to buy at the 200 DMA. The S&P500 rose 21.79 (1.24%) to 1,773.43, Behold! Enough to touch its downtrend line.
It appears stocks are lining up for an upward correction. 'Twill be fascinating to see how far they can climb.
Stocks' strength relative to gold & silver today floated the Dow in Gold and Dow in Silver. Dow in Gold rose 1.16% to 12.42 oz (G$256.74 gold dollars). Dow in Silver barely edged up, 0.89% to 783.78 oz.
Mario Draghi, Criminal-in-Charge at the European Central Bank, surprised markets today by announcing there is no deflation in Europe and leaving the interest rate alone. Market was expecting a rate cut or at least a shot of Quantitative Easing, so the opposite probably set off some short covering. Whatever they thought, the euro jumped up 0.44% to $1.3592, without, however, closing above its 20 DMA (1.3604) or 50 DMA (1.3644) or breaking through its top descending channel line. In other words, it bounced from the bottom of the trading channel to the top. That doesn't really change anything. Unless it can close above $1.3650 tomorrow, today will go down in history as, as, well, as nothing.
US Dollar Index, Enemy to its Friends, Traitor to Investors, dropped 15 basis points (0.19%) to 80.97, below the psychologically sensitive 81 line. That is slap up against its 20 DMA (80.96) & leaves the dollar suspended in the selfsame range it has wallowed in since September.
Yen tumbled 0.6% to 97.94, putting the end to its uptrend at least while a short correction endures.
Gold rose a chiselling 30 cents to $1,257.60 & silver didn't shine much brighter, sneaking up 12.3 cents to 1990.8c.
There's a "feel of the thing" even to markets, and a long train of rises that slow down to thirty cents feels like the apogee of a thrown baseball's trajectory. Feels like it's slowing before it falls. Of course, you could ascribe that to gold's resistance at $1,267.50 (today's high) or resistance at that downtrend line, which gold closed nearly plumb on top of today. Don't write this rally off yet. Squint sideways at it, maybe, but don't write it off yet.
The elephant sat on silver today, too, but it's still moving up. Standing above its 50 (1976c) and 20 (1981c) day moving averages, it has a shot at breaking through 2050c.
All things added up, stocks and the euro sucked interest away from metals today. Still, nothing has changed. Main thing now is the silver holds own above 1897c and gold above $1,210. It may take another try still for gold to breach $1,267.50, but that's not the end of the world.
On 6 February 2013 Ronald Reagan was born. Did any of y'all every ponder the significance of an ACTOR being the PRESIDENT? Does that make anybody but me a little nervous? Makes me even more nervous when I remember that federal spending jumped more than ever during Mr. Conservative Republican's term. I reckon whoever gets the office, we get the shaft. SPECIAL OFFER: MORGAN SILVER DOLLARS
I bought some pre-1905 Morgan silver dollars on a swap but since I don't usually stock them, so I would like to say good-bye to these quickly, so they are priced to fly.
OFFER No. 1.
Seventy-five (75) each VG+ pre-1905 Morgan, silver dollars at $26.50 each, for a total of $1,987.50 plus $35 shipping or $2,022.50. These are not bright, shiny uncirculated coins, but all are simply graded strict Very Good or better, no culls, no rim dings, full rims, etc. Each coin contains 0.765 troy ounce of silver, allowing wear for circulation. Great coin for survival. I have only six (6) lots.
OFFER No. 2.
Ninety (90) each pre-1905 Morgan, CULL silver dollars at $23.00 each, for a total of $2,070.00 plus $35 shipping or $2,105.00. A "CULL" dollar won't meet the grade of Very Good or better. Worn and might have rim dings or rims worn down in spots, but won't quite reach an honest Very Good. Another great survival coin. I have Six (6) lots only.
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Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger