The Moneychanger
Daily Commentary
Monday, 26 June a.d. 2017 Browse the commentary archive

Ahh, Someone did it again, trashed the gold market. At 4:00 a.m. Eastern time, just as Europe was opening, "somebody" entered an order for 18,149 contracts with a notional value of $2.2 billon. Reach "Gold Flash Crashes as "Someone" Dumps $2 Billion" on Zerohedge at

Bloomberg tried to pass it off as "Fat Finger" error. Sure, that's possible, but not plausible. More likely is the Nice Government Men are chewing nails and sweating iron filings because the biggest Spanish bank is sinking and two big Italian banks turned hooves up this weekend. Couldn't let the gold price strengthen under those conditions, could they?

A friend also points out to me that India and Turkey are the biggest gold buyers right now, and both countries were closed today for a holiday. Convenient: fewer buyers to support gold.

Sure, I am disgusted, but I interpret this as GOOD news. If 'tis the Nice Government Men, it implies they are scared enough to pull a very obvious and way too traceable play -- they really are scared of gold. Interesting also that the flash crash drove gold a low as $1,236.50 but it quickly regained $10 of that loss. Silver barely moved, down 5.6¢ (0.3%) at Comex close to 1657.2¢. Gold closed Comex at $1,246.30, $9.90 (0.8%) lower than Friday. Considering that today's sale was greater than the selling after Trump's election, that's not a bad rebound.

Other markets today were quiet. US dollar climbed 19 basis points (02%) to 97.13, its feet still stuck in the same quicksand. Stocks barely augmented. Dow rose 14.79 (0.7%) to 21,409.55 & the S&P rose 0.72 (0.03%) to 2,439.07. No big changes there

Read an article from David Stockman, whom I respect, entitled "A Great big Coup Is on the Way." Thrust of the article is that the US Establishment -- what he calls the "Deep State/Democratic/Neoconservative/mainstream media" -- is setting Trump up for a coup. Worth y'all's time to read it, as I suspect it is substantially accurate. Go see

One more link. My daughter has a pair of Diamond & Sapphire Earrings of one carat total weight. She asked if I'd mention it to y'all & I said SURE.. Earrings are gorgeous.

Sorry, no commentary tomorrow as I will be finishing my monthly Moneychanger for paid subscribers. Back on Wednesday, God willing. Psalm 68:19-20.

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
26-Jun-17 Price Change % Change
Gold, $/oz 1,256.20 -9.90 -0.78%
Silver, $/oz 16.63 -0.06 -0.34%
Gold/Silver Ratio 75.547 -0.340 -0.45%
Silver/Gold Ratio 0.0132 0.0001 0.45%
Platinum 916.60 -11.90 -1.28%
Palladium 880.85 6.30 0.72%
S&P 500 2,438.30 3.80 0.16%
Dow 21,409.55 14.74 0.07%
Dow in GOLD $s 352.31 3.00 0.86%
Dow in GOLD oz 17.04 0.14 0.86%
Dow in SILVER oz 1,287.56 5.21 0.41%
US Dollar Index 97.13 0.19 0.20%
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: 1,245.20      
GOLD Fine Tr.Oz. BID ASK $/oz
American Eagle 1.00 1,255.78 1,286.91 1,286.91
1/2 AE 0.50 634.54 656.84 1,313.69
1/4 AE 0.25 320.38 334.65 1,338.59
1/10 AE 0.10 130.64 136.35 1,363.49
Aust. 100 corona 0.98 1,209.56 1,218.56 1,243.17
British sovereign 0.24 295.32 308.32 1,309.76
French 20 franc 0.19 230.15 234.15 1,254.17
Krugerrand 1.00 1,253.92 1,263.92 1,263.92
Maple Leaf 1.00 1,250.18 1,269.20 1,269.20
1/2 Maple Leaf 0.50 715.99 653.73 1,307.46
1/4 Maple Leaf 0.25 317.53 333.09 1,332.36
1/10 Maple Leaf 0.10 131.99 135.73 1,357.27
Mexican 50 peso 1.21 1,487.70 1,498.70 1,243.01
.9999 bar 1.00 1,249.56 1,257.20 1,257.20
SPOT SILVER: 16.57      
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 11,557.98 11,843.98 16.57
US 40% silver 1/2s 0.30 4,709.68 4,864.68 16.49
100 oz .999 bar 100.00 1,636.50 1,671.50 16.72
10 oz .999 bar 10.00 167.15 172.15 17.22
1 oz .999 round 1.00 16.37 16.97 16.97
Am Eagle, 200 oz Min 1.00 18.07 19.57 19.57
SPOT PLATINUM: 916.60      
Plat. Platypus 1.00 931.60 961.60 961.60
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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.

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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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