Daily Market Report

GOLD This morning the European Central Bank cut its deposit rate to -0.30 percent, this rate determines the cost of borrowing for banks at the ECB’s weekly auction. This news, plus the U.S. economy adding 211,000 jobs in November and keeping the unemployment rate steady at 5%, caused precious metals to rally sharply. After Gold reached a six year low...

GOLD Gold reached another new six year low this morning of $1,046 per ounce. At that price I saw sizeable bargain buying come into the Gold market, which drove the price up $15. The bears still have control of the market, and we need a rally above $1,100 to change the sentiment. At 11am PDT today, Gold is trading at...

GOLD Gold hit a new six year low this morning of $1,050.80 per ounce. The last time Gold was trading at that price was October 2009 and it then quickly rallied to $1,920 within two years. Most of the weakness in the Gold price is a result of a strong U.S. Dollar, which reached $1.04 to the Euro this morning...

GOLD Gold moved higher this morning, reaching a high of $1,075 per ounce in Asian and European trading. There was selling at this morning’s high and the price quickly moved lower. The U.S. Dollar rally, a bearish factor for Gold, has slowed down, which could add some support for the price. I think Gold still needs to have a final...

GOLD This morning the U.S. Dollar approaches a new 10-year high versus the Euro. This, combined with the current bear trend has caused the Gold price to hit $1,053 per ounce this morning. At 11am PDT today, Gold is trading at $1,165 per ounce, down $6 from last Wednesday, but up $9 from European/Asian trading over the holiday.   SILVER...

GOLD Gold trading was very light today, staying in the $1,070 to $1,080 price range. The Gold market will be closed tomorrow (Thanksgiving Day) and it will be open ½ day on Friday. At 11am PDT today, Gold is trading at $1,071, down $4 on light trading.   SILVER Silver reached a low of $14.03 in early morning trading before...

GOLD Gold rallied this morning based on the weakness of the U.S. Dollar versus the Euro. Trader’s felt that the reason for the sell off in the U.S. Dollar was a result of the Russian jet being shot down by Turkey. At 11am PDT today Gold is up $7 per ounce, trading at $1,075 per ounce on average volume.  ...

GOLD This morning the U.S. Dollar approached a new 10-year high versus the Euro. This, combined with the current trend, has caused the Gold price to reach a low of $1,066.80 per ounce. At 11am PDT today, Gold is down $9.00, trading at $1,068 per ounce on normal volume.   SILVER Silver sold off with Gold this morning, reaching a...

GOLD Asian short covering of Gold contracts took the price up to $1,088 per ounce this morning. Many professional traders try to be flat (not long or short) on Fridays, eliminating any market risk over the weekend. After reaching $1,088 this morning sellers appeared, taking the price down $10 per ounce. At 11am PDT today, Gold is down $1, trading...

GOLD There was sizeable bargain buying of Gold in the Asian markets this morning. That buying caused the Gold price to rally from $1,069 to $1,087.00, then the bears came back, driving the price back under $1,080 per ounce. At 11am PDT today, Gold is up $10 per ounce, trading at $1,078 per ounce with normal volume.   SILVER During...