The Moneychanger
Daily Commentary
Wednesday, 29 June a.d. 2016 Browse the commentary archive

Don't miss the point: the goal of the panic has changed. In 2008 everything -- gold, silver, stocks -- tanked while the US dollar & bonds soared. Brexit hit and some ran into US dollars, a few into yen, but many ran for gold.

Change of quality. Sea change. Never be the same again.

Disregard the last two days' stock market rise. Nice Government Men strapped on their hernia trusses & started lifting with all their might, sending eraser boogers & paper scraps & memo pads flyin' every which way. They are trying to lift stocks & the euro, and smother the dollar. Don't even bother to sneer at me, history responds with one voice that central banks & governments manipulate markets, and never more readily than when their toe is in the wringer. All their manipulation won't extract that toe.

Brexit licked the globalists like Forrest licked yankees. Expect counterattacks political and economic. Economic already arrived with market manipulation, including S&P's downgrade of the UK's credit rating. Media is hot as a cast iron stove denouncing economic doom to fall on Great Britain. Laughable, if you have the patience to listen to it without slamming your hand on the off knob. Political counterattack already began in Brussels, with full propaganda offensive. Elitists are moving within the EU to close off all possibility of any other country following the UK's example.

I was simply wrong. Didn't believe the British would do it -- God bless 'em! -- & underestimated the following panic. Brexit was not a cause, but a mighty catalyst. Can't put broken eggs back together, Humpty Dumpty.

Today stocks rose vigorously again, leaving behind their 200 DMAs & crossing back above those head & shoulders necklines they broke on Monday. In the past two days the Dow has gained 554.44, gaining 284.96 (1.64%) today & closing at 17,694.68. S&P500 has done even better, up today 34.68 (1.7%) to 2,070.77.

What doth it say? Don't say squat. Can't put broken eggs back together, & this plunge was simply waiting for a trigger. Don't blame it on Brexit.

Something -- not gravity or nature -- has been pushing back the dollar last two days. Gave up 53 basis points yesterday and 48 more today (0.49%) to end today at 95.86. Nice Government Men are trying to shove hair spray back into the aerosol can. Dollar will rise much higher.

Therefore I am not impressed by the euros 0.51% rise to $1.1121 today. Chart looks like 5 miles of bad Georgia road and even today it can hardly get over its 200 DMA. Doom has its icy claws deep into the euro's flesh, & will not let go till it's shredded. Before it's all over, the euro will vanish. Look for yourself,

Yen slid 0.05% to 97.27. Looks like it has run out of go-juice & may reverse.

Gold tested support at $1,308 yesterday & today & passed the test with flying colors. Rose 0.7% or $8.60 today to close Comex at $1,323.90. Silver, O SILVER, finally caught up to gold today & vaulted through the May high (18.06) & closed above that resistance. Silver added 51.9¢ (2.9%) today to 1836.2¢, confirmed by high volume. High reached 1858¢.

Events are validating my interpretation that the December 2015 lows marked the final lows & end of the bear phase from August 2011, AND that a rally began in January, AND that the 1 May tops were merely the top of the first leg up, AND that the lows at end-May marked the beginning of the next leg up.

Get out of silver & gold's way. They'll run y'all down. I don't want to tell y'all how far I expect this rally to reach, 'cause y'all won't believe me anyway. Time to buy silver & gold, on this silver breakout today, & time to sell stocks & put the proceeds into gold & silver. I'm not going to tell y'all my downside targets for stocks, either, 'cause y'all will just hoot & disbelieve. Just let's say they will dwindle -- like your hairpiece in a windstorm.

Silver chart is right here,

Gold is here, SPECIAL OFFER:

Tomorrow the calendar quarter ends, & I want to clean out my inventory. Behold, prices are reduced to sell quickly.


After the French Latin Monetary Union made the 20 franc gold coin (0.1867 oz) standard across Europe, the Austro Hungarian mint issued dual denomination trade coinage in the same size. The 20 franc/8 florins contains 0.1867 oz ($255.25) and the 10 franc/4 florins contains 0.0933 oz (costs $129.15 each). I have 8 Hungarian 20 fr/8fl, 2 Austrian 20fr/8fl, and Four Austrian 10fr/4fl. PLUS Five old (Napoleon III) French ten francs at $129.15 each. (total 2.7072 oz). These A-H coins may be official re-strikes or original issue, but that doesn't affect their value.

In 1892 the A-H empire began minting gold coins denominated in coronas. I have Two Austrian 20 coronas ($268.10, 0.1960 oz) and Three Austrian 10 coronas ($134.05, 0.0980 oz). ALSO, I have 4 Austrian one ducats, yes, the coin you read about in Shakespeare and which dates back to 1150, containing 0.1106 troy ounce, at $154.50 each.

Altogether that amounts to 3.8351 troy ounces total. Price for the lot is $5,271.20 + $35 shipping, a total of $5,306.20. Premium on the whole lot is 3.8% over spot gold. I might as well give it away.


The Canadians pioneered the 24 karat gold coin when they introduced the Maple Leaf in 1979. Later they copied the South Africans by introducing half, quarter, and tenth ounce denominations.

I have three (3) .9999 fine one ounce Maple Leaves at $1,372.75 as well as Ten (10) one-tenth ounce Maple Leaves at $147.60 each. That totals 4.0000 oz. for $5,594.25 + $35 shipping, a total of $5,629.25. Premium on the lot amounts to 5.6%.


P.A.M.P. stands for Produits Artistiques Métaux Précieux or in English, Artistic Precious Metals Products. That's a Swiss refinery. The Perth Mint is located, coincidentally enough, in Perth, Australia. Both companies produce one troy ounce 0.9999 fine gold bars. I have a total of seven (1 PAMP, 6 Perth). Each bar is $1,375.75 (a 3.9% premium over gold value), so the seven bar lot costs $9,630.25 plus $35 shipping for a total of $9,665.25. One lot only, no re-orders at this ridiculous price.


Somehow I have accumulated sixty-eight (68) one-tenth ounce gold American Eagles. I will sell them at $148.65 each in lots of Thirty-four (34), for a subtotal of $5,054.10. Add $35 for shipping and the total is $5,089.10 per lot. I have only Two (2) lots and cannot re-order at this price. I make no apology for the 12.3% premium, because it's still lower than you can find them elsewhere. If you order multiple lots, we charge shipping only once.

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.

Sorry, we will not take orders for less than the minimum 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 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.

2. When you buy from us, 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 buy 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. "First come, first-served" means that we will enter the orders in the order that we receive them by e-mail, till supply is exhausted.

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 must 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. Sorry, no credit cards.

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.

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
29-Jun-16 Price Change % Change
Gold, $/oz 1,323.90 8.60 0.65%
Silver, $/oz 18.36 0.52 2.91%
Gold/Silver Ratio 72.100 -1.615 -2.19%
Silver/Gold Ratio 0.0139 0.0003 2.24%
Platinum 1,011.30 32.40 3.31%
Palladium 591.55 19.30 3.37%
S&P 500 2,070.77 34.68 1.70%
Dow 17,694.68 284.96 1.64%
Dow in GOLD $s 276.29 2.67 0.98%
Dow in GOLD oz 13.37 0.13 0.98%
Dow in SILVER oz 963.66 -12.06 -1.24%
US Dollar Index 95.86 -0.48 -0.50%
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: 1,320.70      
GOLD Fine Tr.Oz. BID ASK $/oz
American Eagle 1.00 1,355.04 1,364.94 1,364.94
1/2 AE 0.50 673.05 696.67 1,393.34
1/4 AE 0.25 339.82 354.94 1,419.75
1/10 AE 0.10 137.25 144.62 1,446.17
Aust. 100 corona 0.98 1,288.08 1,297.08 1,323.28
British sovereign 0.24 313.22 326.22 1,385.83
French 20 franc 0.19 248.42 252.42 1,352.03
Krugerrand 1.00 1,327.30 1,337.30 1,337.30
Maple Leaf 1.00 1,330.70 1,344.70 1,344.70
1/2 Maple Leaf 0.50 759.40 693.37 1,386.74
1/4 Maple Leaf 0.25 336.78 353.29 1,413.15
1/10 Maple Leaf 0.10 139.99 143.96 1,439.56
Mexican 50 peso 1.21 1,584.27 1,595.27 1,323.11
.9999 bar 1.00 1,325.32 1,332.70 1,332.70
SPOT SILVER: 18.33      
SILVER Fine Tr.Oz. BID ASK $/oz
VG+ Morgan $B4 1905 0.77 23.00 27.00 35.29
VG+ Peace dollar 0.77 18.00 20.00 26.14
90% silver coin bags 0.72 13,284.70 13,569.70 18.98
US 40% silver 1/2s 0.30 5,289.35 5,451.35 18.48
100 oz .999 bar 100.00 1,858.00 1,883.00 18.83
10 oz .999 bar 10.00 184.80 189.80 18.98
1 oz .999 round 1.00 18.43 18.89 18.89
Am Eagle, 200 oz Min 1.00 20.08 21.08 21.08
SPOT PLATINUM: 1,011.30      
Plat. Platypus 1.00 1,026.30 1,056.30 1,056.30
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© 2015 Little Mountain Corporation, d.b.a. The Moneychanger. All rights reserved. May not be republished in any form, including electronically, without our express permission.

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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