TIME TO PROFITAnd buy stocks like MNM who have take over chances
Thursday, April 16, 2009
View Every Decline in Silver and Gold Prices as a Heaven-sent Opportunity to Buy More on the Cheap
Stocks finally showed some energy today and began pulling away from 8000 resistance. Next resistance lurks at 8,400. Still on track for a rally to 9,000 to 9,400.
Use this strength to sell any remaining stocks (other than precious metals stocks) and swap proceeds into silver or gold.
Dow closed today up 95.81 at 8,125.43 while the S&P 500 rose 13.24 to 865.30.
The US DOLLAR INDEX is looking perky forming a flat-topped right triangle with a top just over 86. That might break out to the upside, and I'm seeing that for the first time. But given the dollar's fundamentals, it's like watching Phantom of the Opera. You know who's going to die in the end. No doubt.
The GOLD PRICE today dropped 13.50 to close on Comex at $879.30. That $890 level was a sharp and slippery edge. Since there's not much to hang on here, you have to expect lower prices, maybe the 200 day moving average at $861.10 or $850 support. The SILVER PRICE fell 54.5 cents to $12.25.
Dow in Gold Dollars made a new high for the move today, probably hinting that stocks have further to run and gold further to fall. No, I'm not sure what's driving silver and gold, other than the fullness of time. Yesterday I thought they had a good chance of leaving the 800s and 12s behind them. A rising dollar hurts them some, and stocks are pulling away interest, and the lizards are crawling out from under the rocks where they ran for cover, now that their leaders and gurus are assuring them things are getting better. Me, I'm continuing to buy silver and gold, because I am of the contrary opinion: things are not starting to get better, and they have not even begun to get as bad as they will. We are just stuck in the Sitzkrieg of this Great Depression. The war will start in earnest soon enough.
Y'all ought to view every decline in silver and gold as a heaven-sent opportunity to buy more on the cheap.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
REF:
https://goldprice.org/silver-and-gold-prices/2009/04/view-every-decline-in-silver-and-gold.html