Dear Friends, It looks like the Dow is still taking a beating, down to 7702.48 looks like the close, down about 82 on the day.
Gold, however, has taken an even worse beating, closing in New York at $312.30. That's a ten dollar drop from yesterday's close. After trading closes in New York, it appears to go to an online market of sorts. It is now back up around $313. Even so, the falling Dow has been overwhelmed by the falling dollar price of gold, and the ratio is up a tad. My favorite chart-watching maven in JP May, and my favorite site for chart-related info is http://itsallinthecharts.com/ which you may wish to visit. Subscribe, too. It appears to me, based in part on JP's analysis, that an upward trend in the dollar price of gold has been holding since January. I don't think the current price drops down out of the channel, so a reversal to higher prices should be anticipated perhaps this week. Of course, nothing is so definite about this channel that the price couldn't break lower, but it would have to come off a bit more to make that break a clear thing. In short, now is as good a time as any to unload any stocks you have and buy gold. Gold is at a low point in its channel, and may be persistently higher for some months. Of course, the Dow is also at a low point, and should bounce back up a tad fairly soon. Regards, Jim http://cambist.net/ --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
