Daily Market Report

GOLD After a five day Gold rally which took the price from $1,086 to $1,125 per ounce (a $39 increase) we saw some short term profiting taking today. This is the fourth day above the important $1,100 per ounce level and demand remains strong on both futures contracts and physical products. At 11am PDT today, Gold is trading at $1,116...

GOLD The combination of the continued devaluation of the Chinese Yuan, resulting in a weaker U.S. Dollar, is helping to drive Gold and Silver higher. Gold rallied today, reaching a high of $1,126 per ounce before seeing short term profit taking. At 11am PDT today, Gold is trading at $1,124 per ounce, up $16 on active volume. SILVER This morning...

GOLD This morning Gold continues its breakout above the key resistance level of $1,100 per ounce. Today, China devalued its currency approximately 2%, which caused the Yuan to fall to the lowest level in 3 years. Weak domestic economic data drove the Chinese central bank to devalue its currency. This move makes Gold more expensive in Chinese Yuan and could...

GOLD Gold traded down to $1,089 per ounce in early trading. Gold found excellent support and demand at that level and quickly rallied back to the $1,110 area. It appears that many of the short sellers are covering their sales. At 11am PDT today, Gold is trading at $1,105 per ounce, up $11 on active trading. SILVER Today: in early...

GOLD Gold stayed within its recent trading range today after the U.S. Labor Department reported that the economy added 215,000 jobs in July and the unemployment rate remained steady at 5.3%. Gold continues consolidating in the $1,080 to $1,100 per ounce range. At 11am PDT today, Gold is trading at $1,094.56, up $4.08 on above average volume. SILVER Silver tested...

GOLD Physical and future demand was very strong in overnight trading and Gold quickly rallied to its high of $1,094 per ounce. There are one or more major buyers on many of the world’s Gold exchanges when Gold gets into the $1,080 area. At 11am PDT today, Gold is up $4 per ounce, trading at $1,090 per ounce on excellent...

GOLD This morning the Wall Street journal reported that Atlanta Federal Reserve President, Dennis Lockhart, said it would take "significant deterioration" in the U.S. economy for him to not support an interest rate increase in September. Many precious metal analysts still believe higher interest rates are negative for Gold and Silver, so both are weaker this morning. However, there is...

GOLD Gold tested and held above its recent $1,080 per ounce support level early this morning, reaching a low of $1,081 per ounce. At that price, bargain buyers appeared and drove the price back above $1,090 per ounce. At 11am PDT today, Gold is trading at $1,089 per ounce, down $1.50 per ounce on average volume. SILVER Silver reached a...

GOLD Gold is trading in a narrow $9 high/low price range from $1,089 to $1,098 per ounce. I am seeing good demand on the low end of the trading range, while seeing selling when it reaches the $1,100 resistance level. At 11am PDT today, Gold is trading at $1,090.50 per ounce, down $7.50 per ounce on average volume. SILVER Silver...

GOLD Gold hit the $1,080 per ounce support level this morning, then reversed its downtrend after the Dollar fell based on weaker-than-expected U.S. economic data reported from the Department of Labor. Demand for Gold continues to grow with the U.S. Mint reporting sales of 170,000 ounces of Gold Eagles in July; that is a two year high. At 11am PDT...