Daily Market Report

GOLD This morning, Gold quickly dropped $9 per ounce, reaching a low of $1,151 per ounce, then rallied back $6 on heavy buying. The market-moving news this morning is the agreement, in principal, of a bailout for Greece. Greece needs to implement bold reforms and accept a high level of external economic supervision in return for a possible €82bn-€86bn. Over...

GOLD Today, Gold is trading in a narrow $7 high/low trading range from $1,164 to $1,157 per ounce. Although Gold priced in U.S. Dollars was down last year and is trading near its 2015 lows, European Gold investors saw a 10% gain last year and another 8% year-to-date. U.S. interest rates should remain low for a while, bullish for Gold...

GOLD Gold is trying to consolidate in the $1,155 to $1,165 per ounce area. Speculative and physical demand has been strong when Gold trades down to the lows of $1,150’s or below. Minutes from the Federal Reserve’s last meeting, released yesterday, showed reluctance towards a near-term increase in interest rates which also added support for the Gold price. At 11am...

GOLD After reaching a low of $1,145.90 earlier this morning, Gold quickly rallied on excellent trading volume. There was strong demand from bargain buyers and financial firms, which drove the price higher. At 11am PDT today, Gold is trading at $1,164 per ounce, up $9 per ounce on healthy volume. World debt has now exceeded an astonishing $200 trillion US...

GOLD Gold sold off this morning as the ECU and IMF continue to negotiate with Greece over the debt crisis. Gold reached a low of $1,146.80 (above the $1,141 support level) in early trading on concerns that the ECU would force Greece into debt default and allow them to leave the Euro. At that price level, CME trading volume and...

GOLD After yesterday’s ’No’ vote in Greece, Gold quickly rallied $8 per ounce, then the Euro fell more than 1% against the U.S. Dollar, hitting $1.08. This drove Gold back down to $1,168 per ounce. European and American stock and bond markets dropped sharply after the open today, but the U.S. Market rallied back and sold off again. This morning...

GOLD After the U.S. Labor Department reported that 223,000 jobs were added in June, Gold sold off, reaching a low of $1,157 per ounce. This was the third consecutive month of healthy job gains. The unemployment rate fell to 5.3%, lower than economists’ had expected. The unemployment rate is now back at levels last seen before the 2008 financial crisis...

GOLD Yesterday Greece defaulted on the 1.5 billion euros ($1.7 billion) it owes the International Monetary Fund, becoming the first developed economy to default to the IMF. It is the biggest debt default by a country ever. Greece is 323 billion euros ($352.7 billion) in debt to other European countries, the European Central Bank, and the International Monetary Fund. The...

GOLD On reports of a possible bailout being offered to Greece by the ECU, Gold sold off. Gold reached a low of $1,167 per ounce, before bargain buyers appeared. After a statement by Germany’s Chancellor Angela Merkel saying there would not be any possible bailout until after the referendum vote this weekend, Gold bounce back. At 11am PDT today, Gold...

GOLD This morning Gold quickly rallied $10 per ounce on the escalation of the Greek debt crisis, but it was short lived as a strong U.S. Dollar versus the Euro drove it back to unchanged. At 11am PDT today, Gold is trading at $1,180 per ounce, up $5 per ounce on excellent volume. SILVER Silver tested $16 per ounce, reaching...