Daily Market Report

GOLD Gold opened higher in Asia this morning, breaking above the $1,270 per ounce resistance level, based on news that the largest one-day withdrawal of physical COMEX Gold in over a year happened last week. The JPMorgan (JPM) warehouse withdrew a stunning 321,500 ounces of gold (10 tonnes). Additionally, we also saw a large withdrawal from the Scotia Mocatta warehouse...

GOLD Today, the U.S. stock markets continue to decline and Gold continues its move higher. Earlier this morning Gold was able to move above its $1,270 per ounce resistance level, reaching $1,272.80 per ounce. At that point we saw some light short term profit selling causing the price to drop back to $1,260 per ounce. At 11am PDT today, Gold...

GOLD Gold Surges on Speculation India May Ease Import Restrictions Over the past year India’s attempt to impose price controls on Gold imports has only achieved one thing: citizens have been forced to find ever newer and more creative means of smuggling Gold. It has gotten so bad Indians are now smuggling the yellow metal through Pakistan, on airplanes, and...

GOLD Today Gold has stayed in a very narrow $6 trading range from $1,238 to $1,244 per ounce. As Gold builds a firm base for the next leg higher, I am not surprised to see the current consolidation. Physical demand in Asia, the Middle East, Europe and the U.S. continues to be at an all-time record pace. At 11am PDT...

GOLD After reaching three week highs in Europe and Asia yesterday, today after hitting a high of $1,262 Gold moved lower on short term profit taking in light trading. At 11am PDT today, Gold is trading at $1,242 per ounce, down $16.50 on average volume. SILVER This morning Silver could not find support above the key $20 per ounce level...

GOLD No domestic Gold trading today because of the MLK holiday, just Asian and European markets earlier this morning. During that trading, Gold was steady in the $1,255 per ounce level, which is near its 6-week highs. Last week the GLD holding (paper Gold) added almost 4 metric tonnes to its holdings, signifying that there is renewed interest from mainstream...

GOLD Technically, Gold is looking sound. Support is at $1,220, $1,200, and of course what appears to be a double bottom at $1,180/oz. A close above $1,270 could see gold quickly move to test resistance at $1,300 and $1,330. The COMEX Gold stockpile has fallen to new record lows, showing that demand for physical bullion remains very strong. The COMEX...

GOLD Gold continues to stay in a narrow trading range between $1,235 and $1,250 per ounce, building a base for the next leg higher. Late yesterday, the U.S. House of Representatives passed a $1.1 trillion spending plan. This legislation rolls back the recent spending cuts, raises federal workers pay, and increases military spouse’s pensions. This bill, which is expected to...

GOLD Gold traded in a narrow $10 high/low price range for most of the trading session. There is excellent support around the $1,240 level with some bargain buying when it hit today’s low of $1,234 per ounce. At 11am PDT today Gold is trading at $1,240 per ounce, down $5 on average trading volume. Bloomberg Reports on Chinese Gold Holdings...

GOLD Gold is staying within its current trading range between $1,240 and $1,255 per ounce today. It’s important that Gold builds a new base before aggressively moving forward to break the important $1,300 per ounce long term resistance level. A drop in the value of the U.S. Dollar is adding extra support for the precious metal markets. At 11am PDT...