Honest Money Gold and Silver Report: Market Wrap
Week Ending 3/14/08
Stocks had a volatile week and acted like a puppy on a choke chain, first pulled one way and then another. The lows are being tested.
The Japanese Yen keeps going up, and as the chart shows, when it goes up the stock market goes down.
It almost appears that money is being driven out of the stock market and into the bond market, at least that's the path of least resistance so far.
Gold was up $25.30 closing at a new all-time high of $999.50 for a weekly gain of +2.60%. Intra-day it hit a high of $1009.00.
The daily chart of GLD has mixed signals. RSI is showing a negative divergence, while MACD just made a positive cross over.
ROC appears to be rolling over. The histograms have turned positive.
The weekly gold chart has higher overbought readings than the daily.
Silver gained 0.41 to close at $20.66 (+2.00%) for another multi-decade high.
The daily chart of SLV shows a negative RSI divergence. MACD has just made a negative cross over. Histograms have turned negative and ROC has taken a dive.
The weekly silver chart has higher overbought readings than the daily.
The Hui had a good week, gaining 27.56 points to close at a new all-time high of 514.89 (+5.66%).
Precious metal stocks out performed physical for the week, which is constructive. The weekly chart shows a strong rising price channel in effect.
RSI and the histograms have been showing negative divergences for a few weeks now and so far they have not come into play.
MACD has just made a positive cross over and is in overbought territory, but has been so for quite a while now.
The Hui point and figure chart shows a triple top breakout on Friday March 14, 2008.
A bullish price objective of 605 is indicated.
The latest full-length version of the current week's market wrap is available only at our web site, including this week's stock chart watch list and any buys or sells executed this week.
Stop by our website and check it out. Most major markets are included with the emphasis on the precious metal markets.
There is a lot of information on gold and silver, not only from an investment point of view, but also from its position as being the mandated monetary system of our Constitution - Silver and Gold Coin as in Honest Weights and Measures.
On the main homepage are papers and articles by some of the best out there to be had. There are audio and videos on banking, the Constitution, and cutting edge news. Many articles are archived and others are linked.
Live time quotes on gold and silver and precious metal stocks are available, including charts for most world currencies and futures.
Links to the World Bank, Central Banks, the International Monetary Fund, the United Nations, the Bank for International Settlements, and many other similar and different sources are available.
There is also a live bulletin board where you can discuss the markets with people from around the world and many other resources.
Drop by and check it out. Good luck. Good trading. Good health. And that's a wrap.
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