Daily Market Report 3/17/17

GOLD

The Yellen rally continues with Gold reaching a high of $1,231.60 this morning. After this week’s $30+ gain in the price of Gold, it is good to see some consolidation in the price. This consolidation will allow Gold to build a base for the next leg up, back to the important $1,250 per ounce resistance level. At 11am PST today, Gold is trading at $1,229 per ounce, up $4 on average volume.

SILVER

Silver reached a high of $17.44 per ounce in early trading. Demand for physical and paper Silver is increasing. On both Wednesday and Thursday the CME May Silver contracts volume was over 70,000 five thousand ounce contracts. That’s 350 million ounces of .999 Silver traded on two up-days. At 11am PST today, Silver is up $0.08 per ounce, trading at $17.36 on average volume.