Barry Stuppler

Fool’s gold? CFTC says 12 firms sell phantom metals.

The CFTC is cracking down on firms playing up demand for metals during these uncertain economic times.

The U.S. Commodity Futures Trading Commission announced Wednesday, it filed a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida against 12 firms and their executives for fraudulently marketing illegal, off exchange retail commodity contracts . . . .

GOLD After a $25 price drop yesterday, Gold is trying to consolidate in the $1,700 per ounce price range. Earlier this morning Gold did trade as low as $1,685 per ounce average volume. For most of the day, Gold has traded in the $1,690 to $1,700 area. At 11am PDT today, Gold is down $4.85 per ounce, trading at $1,693.50...

GOLD Gold sold off in Asian overnight trading when a large hedge fund sold approximately 4,000 February 100oz Gold contracts (400,000 ounces) which caused Gold to drop $12 during the Japanese trading day. Gold broke through the important $1,700 per ounce psychological resistance level and traded below the 100 day moving average at $1,697.75. At 11am PDT today Gold is...

GOLD Gold traded today in a tight $12 price range, from $1,712 to $1,724 per ounce on light volume. The $1,700 per ounce level is has become an excellent support level for many of the professional traders. The current short term resistance level is $1,755 per ounce. At 11am PDT Today, Gold is up $7.10 per ounce, trading at $1,719.70...

This week I provide you with the current status of Gold and Silver’s support and resistance levels, an update on the status of the Basel III requirements, and what I think is the real problem keeping Republicans and Democrats from reaching a deal on the Fiscal Cliff issues.   GOLD Gold’s volatility last week was much greater than we have...

GOLD House Speaker John Boehner’s press conference this morning cast a negative impression on any quick settlement to the Fiscal Cliff crisis, thus putting pressure on the equity and precious metal markets. In overnight news the government of Japan announced a new $10.7 billion stimulus. This new plan roughly doubled the size of a stimulus package announced in late October...

GOLD The Gold buyers came in yesterday, after testing the $1,700 per ounce price support level, ending the day with $26 per ounce drop. This morning the market opened higher and kept on going higher. At 11am PDT Today, Gold is trading at $1,727.80 per ounce, up $9.10 per ounce on average volume. SILVER During the past two days of...

GOLD Earlier this morning, Gold dropped to $1,705 per ounce with very heavy volume based on negative comments coming from Senator Harry Reid on the progress of settling the Fiscal Cliff crisis before year end. After the sharp correction in the Gold price we saw sizeable demand come into the market and it rallied back to $1,720 per ounce. At...

GOLD  At 11am PDT today, Gold is trading at $1,744.60 per ounce, down $4.90 per ounce on average volume of trading. Gold is trading in a narrow $10 price range showing excellent consolidation. Eurozone Strikes Greek Aid Deal This morning, Eurozone leadership and international lenders reached a deal to overhaul Greece’s faltering bailout program and released a €34.4bn aid payment...

This week’s Market Report provides you with an update on the precious metal market activities and the status of Gold and Silver’s support and resistance levels. I am also sharing a World Gold Council report on the 2012 Central Bank Gold demand.   GOLD After last Friday’s $23 Gold rally (caused by a weaker U.S. Dollar and labor unrest at...