The Moneychanger
Daily Commentary
Thursday, 1 June a.d. 2017 Browse the commentary archive

America has passed an evil milestone with "comedienne" Kathy Griffin holding up a bloody severed head of President Trump. Try to imagine how the press & the Left would howl if anyone had done the same with Obama's head or Hillary's.

But that's not my point. I can't remember any time in American history, even in the brutal days of early 19th century newspapers, when anyone dared suggest that a sitting president be killed, let alone beheaded. The grisly brutality of this gesture tells you that all civility & order has been drained from American politics and the goal now is plainly what? Exterminate the other side. They are not humans.

The basic minimum of life together in a nation is a modicum of respect for the office, at least, of higher magistrates, if not their person. That's gone. The evil tree has begun to bear its true fruit. (By the way, I don't even like Trump.)

An employment report from ADP showed 253,000 new jobs last month, more than the forecast 185,000. That jumps to the conclusion that the Fed "must" raise interest rates this month.

For reasons truly incomprehensible, since higher interest rates cut into business profits, stocks took that as their cue to post new highs. Dow rose 135.53 (0.65%) to 21,114.18, a new high by a whopping 28.63 points or 0.14% over the 1 March 2017 high at 21,115.55. S&P500 also made a new high, closing up 18.26 (0.76%) at 2,430.06. That's 27.74 points or 1.15% higher than the 15 May close at 2,402.32.

That's odd. Look at the chart, http://schrts.co/vtdPMb It's a rising wedge (dashed red line) within a rising wedge. Looney-ville.

US dollar index, again on anticipation the Fed will raise interest rates, rose 0.25 basis points (0.26%) to 97.21. Here's the chart, http://schrts.co/OkJ5UT

Y'all can see that today really painted nothing new on the chart. It's trading in a range bounded by 96.70 below and 97.70 above. Could be bottoming. MACD wants to turn up.

Gold fell back $5.00 (0.4%) to $1,267.00 on Comex. Silver forked over 12.5¢ (0.7%) to close at 1724.3¢.

'Tain't encouraging to see gold mired down, spinning wheels around $1,265. Less encouraging to watch silver pull fainting spells at 1750¢. They've got to do better than this or fall back.

Thinking about Susan again. It doesn't exaggerate, I think, to say that God, the original of love, teaches us love mainly through our spouse. Oh, we learn more about love when we have children & rirends & even dogs, but at the center remains that love for wife or husband, constantly teaching us to the very last day of our lives.

Andrew Lytle said, "The opposite of love is not hate, it's power." The lover wants his beloved to become always more of what she is, more purely, more freely like herself. The tyrant -- opposite of a lover -- only wants to conform everyone to his own image -- only way he can secure his claim to be God.

Oh, husbands! Love your wives.

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
1-Jun-17 Price Change % Change
Gold, $/oz 1,267.00 -5.00 -0.39%
Silver, $/oz 17.24 -0.13 -0.72%
Gold/Silver Ratio 73.479 0.241 0.33%
Silver/Gold Ratio 0.0136 -0.0000 -0.33%
Platinum 927.30 -21.20 -2.24%
Palladium 827.00 7.15 0.87%
S&P 500 2,430.06 18.26 0.76%
Dow 21,144.18 135.53 0.65%
Dow in GOLD $s 344.98 3.56 1.04%
Dow in GOLD oz 16.69 0.17 1.04%
Dow in SILVER oz 1,226.25 16.63 1.37%
US Dollar Index 97.21 0.25 0.26%
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: 1,265.10      
GOLD Fine Tr.Oz. BID ASK $/oz
American Eagle 1.00 1,277.75 1,307.48 1,307.48
1/2 AE 0.50 644.69 667.34 1,334.68
1/4 AE 0.25 325.51 340.00 1,359.98
1/10 AE 0.10 132.73 138.53 1,385.28
Aust. 100 corona 0.98 1,228.89 1,237.89 1,262.90
British sovereign 0.24 300.04 313.04 1,329.81
French 20 franc 0.19 233.83 237.83 1,273.87
Krugerrand 1.00 1,271.43 1,281.43 1,281.43
Maple Leaf 1.00 1,273.10 1,289.10 1,289.10
1/2 Maple Leaf 0.50 727.43 664.18 1,328.36
1/4 Maple Leaf 0.25 322.60 338.41 1,353.66
1/10 Maple Leaf 0.10 134.10 137.90 1,378.96
Mexican 50 peso 1.21 1,511.48 1,522.48 1,262.73
.9999 bar 1.00 1,269.53 1,277.10 1,277.10
SPOT SILVER: 17.24      
SILVER Fine Tr.Oz. BID ASK $/oz
VG+ Morgan $B4 1905 0.77 22.50 25.50 33.33
VG+ Peace dollar 0.77 15.00 18.00 23.53
90% silver coin bags 0.72 12,112.10 12,398.10 17.34
US 40% silver 1/2s 0.30 4,894.05 5,044.05 17.10
100 oz .999 bar 100.00 1,704.00 1,739.00 17.39
10 oz .999 bar 10.00 173.90 178.90 17.89
1 oz .999 round 1.00 17.04 17.64 17.64
Am Eagle, 200 oz Min 1.00 18.74 20.24 20.24
SPOT PLATINUM: 927.30      
PLATINUM Fine Tr.Oz. BID ASK $/oz
Plat. Platypus 1.00 942.30 972.30 972.30
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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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