The Moneychanger
Daily Commentary
Wednesday, 12 November a.d. 2014 Browse the commentary archive

US & UK regulators have fined UBS, HSBC, Citigroup, JP Morgan Chase, & Royal Back of Scotland $3.4 billion (average $680 mn each) for "allegedly" manipulating currency markets. But if it's only "alleged," why did they agree to pay all that dough? I note that no one went to jail, nor were there any indictments. Don't y'all think that's odd, that none of the hanchos in these giant banks are ever brought up on criminal charges? I reckon there must be 2 sets of laws, one for them, and one for us peons.

Stocks bounced off that overhead resistance today. Dow shrank back 2.7 (0.02%) to 17,612.20. S&P lost 0.07% (1.43) to 2,038.25. Watch for a sharp decline.

US dollar index rose 29 basis points today after losing 29 basis points yesterday. Closed at 87.90. Still trending down.

Euro lost 0.28% to $1.2436, wiping out yesterday's gains. Yen bounced up 0.22% and ended at 86.53.

Gold dropped $3.90 (0.28%) at $1,158.90; silver fell 4.5 cents to 1561.9c.

This won't do. Silver & gold are stalled here and if they can't get passed these recent highs at $1,170 - $1,172 and 1588c. Hanging around here only burns up purchasing power, morale, and enthusiasm. In markets as in life, if you're not moving forward you're falling behind.

Silver coin premiums won't shut up and strongly shout for a rally.

Sorry to leave y'all short tonight, but I must keep an appointment.

On 12 November 1923 Adolf Hitler was arrested for an attempted coup. He was sentenced to jail for a few months where he wrote Mein Kampf. Before ten years had elapsed he had risen to the pinnacle of power in Germany. Clearly somebody was, and somebody wasn't, paying attention. Never underestimate the determination of thoroughly wicked people.

Argentum et aurum comparanda sunt —
Silver and gold must be bought.

— Franklin Sanders, The Moneychanger

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Market Snapshot See more charts and market data
12-Nov-14 Price Change % Change
Gold, $/oz 1,158.90 -3.90 -0.34%
Silver, $/oz 15.62 -0.05 -0.29%
Gold/Silver Ratio 74.198 -0.036 -0.05%
Silver/Gold Ratio 0.0135 0.0000 0.05%
Platinum 1,205.80 -0.20 -0.02%
Palladium 773.30 6.45 0.84%
S&P 500 2,038.25 -1.43 -0.07%
Dow 17,612.20 -2.70 -0.02%
Dow in GOLD $s 314.16 1.01 0.32%
Dow in GOLD oz 15.20 0.05 0.32%
Dow in SILVER oz 1,127.61 3.07 0.27%
US Dollar Index 87.90 0.29 0.33%
IMPORTANT NOTE: The following are wholesale, not retail, prices. To figure our retail selling price, multiply the "ask" price by 1.035. To figure our retail buying price, multiple the "bid" price by 0.97. Lower commissions apply to larger orders, higher commissions to very small orders.
SPOT GOLD: 1,160.50      
GOLD Fine Tr.Oz. BID ASK $/oz
American Eagle 1.00 1,190.67 1,201.12 1,201.12
1/2 AE 0.50 597.14 612.16 1,224.33
1/4 AE 0.25 298.57 311.88 1,247.54
1/10 AE 0.10 121.75 127.07 1,270.75
Aust. 100 corona 0.98 1,129.56 1,141.56 1,164.62
British sovereign 0.24 274.82 286.82 1,218.44
French 20 franc 0.19 218.29 221.47 1,186.21
Krugerrand 1.00 1,175.59 1,185.59 1,185.59
Maple Leaf 1.00 1,175.50 1,190.50 1,190.50
1/2 Maple Leaf 0.50 667.29 609.26 1,218.53
1/4 Maple Leaf 0.25 295.93 310.43 1,241.74
1/10 Maple Leaf 0.10 123.01 126.49 1,264.95
Mexican 50 peso 1.21 1,387.91 1,411.91 1,171.03
.9999 bar 1.00 1,164.56 1,176.50 1,176.50
SPOT SILVER: 15.64      
SILVER Fine Tr.Oz. BID ASK $/oz
VG+ Morgan $B4 1905 0.77 24.00 27.00 35.29
VG+ Peace dollar 0.77 19.00 22.50 29.41
90% silver coin bags 0.72 12,430.28 12,787.78 17.89
US 40% silver 1/2s 0.30 4,420.58 4,570.58 15.49
100 oz .999 bar 100.00 1,553.50 1,613.50 16.14
10 oz .999 bar 10.00 161.35 162.35 16.24
1 oz .999 round 1.00 15.74 16.29 16.29
Am Eagle, 200 oz Min 1.00 17.39 18.39 18.39
SPOT PLATINUM: 1,205.80      
Plat. Platypus 1.00 1,230.80 1,270.80 1,270.80
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Warnings and Disclaimers

To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary trend is up, targeting 16:1 gold/silver ratio or $195.66; stock's primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 16 ounces of silver. US$ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down.

Be advised and warned:

  • Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short-term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures.
  • NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps.
  • NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced.
  • NOR do I recommend buying gold and silver on margin or with debt.
  • What DO I recommend? Physical gold and silver coins and bars in your own hands. For additional information, please see our Ten Commandments for Buying Gold and Silver.
  • One final warning: NEVER insert a 747 Jumbo Jet up your nose.

Explanation of Terms

The US DOLLAR INDEX is the average exchange rate for the US dollar against the Euro, Yen, Pound sterling, Canadian Dollar, Swiss Franc, and Swedish Krona, weighted for each country's trade with the US. It gives a general measure of the US dollar's performance against all other currencies.

The DOW IN GOLD DOLLARS measures the Dow Jones Industrial Average in gold dollars (0.048375 troy oz. by law). The DiG$ depicts the Primary (20 year) Trend of stocks against gold. When the DiG$ is dropping, gold is gaining value against stocks in a trend that should last 15-20 years. The DiG$'s chart is identical to the Dow in ounces of gold, but gives us one unvarying measure all the way back to 1896. Because it shows the primary trend ("tide") of gold against stocks, for investors it is the single most important financial chart in the world today. Since its August 1999 high at G$925.42 (44.8 ounces), the DiG$ has trended down, targeting a G$80-G$20 (4-1 oz. of gold will buy the whole Dow).

The DOW IN SILVER OUNCES shows how many ounces of silver are needed to buy the entire Dow. The DiSoz is trending down with a target of under 36 ounces.

The GOLD/SILVER RATIO is the gold price divided by the silver price, and shows how many ounces of silver it takes to buy one ounce of gold. The Ratio shows us the Primary (20 year) Trend of gold's value against silver. When the Ratio's trend is dropping, silver is gaining value against gold. This trend targets a gold/silver ratio of 16 ounces of silver to one of gold within the next 5-10 years. That implies that silver will massively, vastly outperform gold before this bull market ends. When both metals are rallying, the ratio often (but not always) drops, confirming the rally.

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