Gold prices hit record high

Gold Price Close Today : $774.60
Change: -41.60 or -5.1%

Silver Price Close Today : $9.35
Change: -83.5 cents or -8.2%

Gold Silver Ratio: 82.84
Change: 2.707 or 3.4%

Dow Industrials: 8,148.29
Change: -680.75 or -7.7%

US Dollar Index Today: 87.05
Change: 0.44 or 0.5%

The US Mint, in another dazzling display of marketing skill and organisational competence, announced today that, until further notice, in 2009 they would make no American Gold Buffalos, no fractional Gold American Eagles, and no Platinum American Eagles. Yet they will be striking one ounce gold and silver American Eagles, but selling through their cartel of dealers "by allotment", which translates "rationing."

Iss brilliant viktory of socialist buzzness plannink, Comrades!

More lunacy today.

Based apparently on news that the Fed is going to inflate more than ever, the US dollar index has risen to 87.052. This news is added to the $8 trillion worth of bail-outs, cop-outs, and spend-outs, plus the $300 - $800 billion of new bailouts the Fed or Treasury announces daily. They're going to kill the dollar. Really.

More news: the National Bureau of Economic Researched announced today that the economy has been in a recession since last December. They also announced that Napoleon lost the Battle of Waterloo.

Stocks took a big fall today, No. 4 in history for size, but it's not a new low and comes on a day with a big dollar rise. If the Dow survives -- that is, doesn't break the old 7,552 low -- than it will simply confirm that it has made a bottom. Odds favour that outcome.

SILVER and GOLD PRICES were nuked today. The gold price dropped 41.60 to 774.60 and silver price dropped 83.50 cents to close at $9.35. However, when you look at a chart, even these large drops are not fatal to the uptrend. In fact, they don't appear significant. Nothing climbs straight up; everything zigs and zags. This is a zag. Y'all remember that I have warned that volatility would be the rule, and that it would wear your nerves raw. Here 'tis.

The GOLD/SILVER RATIO is dropping, but slightly and slowly. This also bodes well for metals. "A trend in force remains in force until broken." Uptrend for silver & gold remains in force, so I continue to observe that Nov 18 marked the bottom for both. Both metals have also entered a new rally that will carry much higher into next spring.

Joke of the day: Last week Citibank's [sic] research group announced that gold could hit $2,000 [sic] next year. Too bad Citibank management hasn't been reading the reports from its research group -- for the past 10 or 12 years!