Daily Market Report

GOLD Gold is consolidating today in the $1,362 to $1,385 per ounce range. After a $59 per ounce increase last week, I am very happy to see Gold stabilize in the current price range. After a $185 increase in price from the June 28th low, some of the large investment banks and brokerage firms are becoming more optimistic about the...

GOLD Yesterday was the most positive day I have seen for Gold in the past two weeks. Not only was it up $24 per ounce, but it successfully moved above the key $1,300 per ounce resistance level on the highest volume of the week. Today, Gold is holding in a tight price range above $1,300 per ounce. At 11am PDT...

GOLD Gold rallied $23 today on better-than-expected growth in both Chinese exports and imports data which was released this morning. This news eased concerns about the outlook of China’s economy, and raised hope that stabilization there could propel faster growth worldwide. Chinese exports in July rose 5.1% from a year ago, better than the 3% analysts had expected. And imports...

GOLD After six days of declines Gold finally turned higher this morning on light volume. Gold traded in a narrow $16 per ounce range, $1,273 on the low and $1,289 for the high. Physical demand for Gold investment products continues to grow at a record pace globally. At 11am PDT today, Gold is trading at $1,286 per ounce, up $3...

GOLD Gold was sent lower last with Europe’s improving economic reports. Another negative that caused Gold to move lower this morning was that the holdings in the SPDR Gold Trust, (GLD) the world’s largest gold-backed exchange-traded fund, (Paper Gold) fell on Friday to 917 tonnes, a four-year low. At 11am PDT today, Gold dropped $20 per ounce, trading at $1,283...

GOLD Gold tested the very important $1,300 per ounce resistance level again this morning, reaching $1,297 per ounce at one point. Gold quickly rallied back above $1,300 on good demand. At 11am PDT today, Gold is trading at $1,303 per ounce, down $10 per ounce. SILVER Silver did rally above $20 per ounce this morning, reaching $20.06, before seeing selling...

GOLD Last night, while Asian precious metal markets were actively trading, a rumor came back about a significant increase in today’s official U.S. employment rate. This rumor drove the Gold price down to $1,282 per ounce (breaking the $1,300 per ounce support level) which caused many technical traders to sell and short Gold. Well, the employment number came in at...

GOLD Yesterday was an unusual whipsaw-day in the Gold pits. Gold traded very actively between $1,304 and $1,339 per ounce numerous times after the FOMC statement was released. The Federal Open Market Committee (FOMC) issued a 700-word statement on Wednesday, but all they really needed to say was no changes. The Fed’s policy-making committee voted to press ahead for now...

GOLD A combination of stronger-than-expected second-quarter growth in the U.S. economy and month end profit taking caused Gold to decline today. Gold is closing the month of July up $90 per ounce (7.3%) and continues to look very bullish for August. At 11am PDT today, Gold is trading at $1,313 per ounce, down $15 per ounce on light volume. Collectible...

GOLD Gold traded lower today, as the U.S. dollar rallied versus the Euro ahead of the Federal Reserve’s upcoming policy meeting, amid growing uncertainty over the future of the central bank’s monetary stimulus program. At 11am PDT Today, Gold is trading at $1,325 per ounce, down $3 on light trading. SILVER Today, Silver traded in a narrow 2% range from...