Daily Market Report

GOLD Based on news of a big Democratic turnout and early ballots in the key swing states has caused Gold/Silver to rally sharply today. The rally is based on the belief that this news may result in President Obama’s re-election. I have been saying that the President’s re-election will quickly drive the values of Gold and Silver much higher. Earlier...

GOLD Gold is up today based on increased physical demand and short-covering buying as a reaction to Friday’s heavy price correction. The real focus of this market is tomorrow’s presidential election and economic policies and legislation that will be implemented by the next president. I have provided my input on what I believe will happen if Obama is re-elected or...

GOLD Wow! A combination of Eurozone monetary problems in Greece and Spain, plus a higher-than-expected U.S. jobs report from the U.S. Labor Department has caused the U.S. Dollar to rally sharply versus the Euro and Gold has dropped almost $40 per ounce. The U.S. Labor Department reported today that payroll data showed employers added 171,000 jobs in October versus forecasts...

GOLD Over the past two weeks Gold has consolidated above $1,700 per ounce and that level could act as support in the future. As the Gold price moves higher, I expect to see some resistance at $1,735 per ounce, the 50 day moving average. Right now the precious metal markets are treading water awaiting the results of next week’s presidential...

GOLD After being closed the past four days, Gold rallied today on a weaker U.S. Dollar and positive economic news. The U.S. Third Quarter GDP grew by 2%, higher than the forecasted 1.8%. Higher growth means more inflation which helps the price of Gold. Today’s rally was very impressive, as Gold broke out above the $1,722 per ounce short term...

GOLD Gold has been trading sideways for the past four days in the $1,700 to $1,716 per ounce price range. We need to break above the $1,722 per ounce level to regain the short term bullish trend. At 11am PDT today, Gold is trading at $1,711.50, up $2.20 per ounce on very light electronic and secondary market activity with all...

GOLD Financial markets in New York are closed today due to Hurricane Sandy. One of the areas already evacuated is Battery Park, where the offices and the trading floor of the New York Mercantile Exchange (NyMex) are located. Gold trading is very light today, taking direction from overnight markets in Asia and Europe. At 11am PDT today, Gold is trading...

GOLD Gold has traded this morning in a narrow $18.50 price range from a low of $1,701.40 to a high of $1,719.90 per ounce. The very important support level of $1,700 per ounce has held well. At 11am PDT today, Gold is trading at  $1,713.00 per ounce, up $0.25 per ounce from yesterday on light volume. THE WORLD’S CENTRAL BANKS...

GOLD Yesterday, Gold traded down to the key $1,700 support level before a statement was released by the Federal Reserve’s FOMC. After a two-day meeting, they repeated the vow to keep rates near zero until mid-2015 and its pledge to keep supporting growth while the recovery strengthens. Remember, low interest rates are very supportive of a higher Gold price. At...

GOLD Gold trades in a tight $1,700 to $1,713 price range in this morning’s trading, while it waits for the Federal Reserve policy statement later this afternoon. At 11am PDT today Gold is trading at $1,701.10 per ounce, down $8.10 in a narrow range on heavy volume.  South Africa’s Gold Fields (the world’s fourth-largest bullion producer) fired 8,500 miners yesterday...