The equities market closed down 419.65 points, to break the 12,000 mark. This is significant as the 1200 level was valuable support technically; however, the Gold market was abuzz today, and gold closed at $17.30/ an ounce while silver continued to steadily climb to close at $40.68/ounce.
When the S&P 500 closed beneath 1200, which it did today at 1150.95, a loss of 53.24 points. This is important to the precious metals market, because both the DowJones Industrial Average AND the S&P 500 broke through strong support levels and closed below them. This is bad news for equities but good news for precious metals.
If one does not already have a portion of one’s porfolio in gold or silver, one might consider talking to one’s broker or financial planner about adding this to the mix. It is going to be expensive to participate in the remaining upside for gold, but silver is still extremely undervalued, and anytime one can purchase silver at or below $41/ounce, technical traders and analysts agree.
Britian braced for the worst trading day they would ever see, and the overseas markets results will be printed in this column first thing in the morning.