Daily Market Report

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...

GOLD Physical demand for Gold investment products has increased over the past week as prices remain at the current lows. Many of the commodity traders are waiting for a decision this weekend on the Greek debt crisis. At 11am PDT today, Gold is trading at $1,175.20, up $1.43 on average Friday type volume. SILVER Silver continues to trade under the...

GOLD Gold continues to consolidate by trading in a very narrow $7 high/low price range. Today’s Gold price high was $1,178 with a low of $1,171 per ounce. Many traders are waiting for this weekend’s decision on the Greek debt problem. At 11am PDT today, Gold is trading at $1,173, down $2 per ounce on average volume. SILVER Silver tested...

GOLD Gold traded today in a very narrow $9 high/low price range, with a high of $1,180 and a low of $1,171 per ounce. After a few days of consolidation, I would like to see Gold rally back above the $1,180 per ounce. At 11am PDT today, Gold is down $1, trading at $1,175 per ounce on good volume. SILVER...

GOLD The U.S. Dollar continues its recent rally versus the Euro, causing Gold to sell off. Hopes of Greece reaching a deal with creditors to stave off default is negatively affecting Gold. At 11am PDT today, Gold is trading at $1,176 per ounce, down $9 per ounce on average volume. SILVER This morning Silver broke below the key $16 per...