Daily Market Report

GOLD As the U.S. currency soared against the Japanese Yen and the Euro Gold tested its $1,250 support level today, reaching $1,251.30 per ounce. Demand is strong, but the bears have the gold market on the defensive. At 11am PDT today, gold is trading at $1,256 per ounce, down $11 per ounce on heavy volume. SILVER Silver broke down earlier...

GOLD In the face of the strongest U.S. currency versus the Euro, and Goldman Sachs restating their opinion that Gold will hit $1,050 per ounce this year, Gold keeps finding buyers above $1,250 per ounce. This morning’s disappointing August U.S. job’s data was also supportive of the Gold price. At 11am PDT Today, gold is up $1, trading at $1,267...

GOLD This morning the U.S. Dollar increased sharply versus the Euro after the European Central Bank cut interest rates to record lows to stimulate their economies. A very strong U.S. Dollar is a major negative for Gold (as American’s value Gold in Dollars) and Gold quickly fell to $1,264 per ounce, where it found excellent demand. At 11am PDT today...

GOLD Gold bottomed out yesterday at $1,261 per ounce on heavy trading with over 191,000 CME hundred ounce December contracts traded. Today, it’s bargain buying that is giving the Gold price support. At 11am PDT today, Gold is trading at $1,270 per ounce, up $5 on excellent demand. SILVER Silver hit a low of $19.07 per ounce, above the major...

GOLD This morning, the Dollar hit a one-year high against the Euro, based on an improvement in the U.S. Economy and actions by the ECB to weaken the Euro. This caused Gold to break down below $1,280 per ounce on heavy volume (over 100,000 December hundred ounce contracts) and quickly drop to the $1,260 area. It appears that Gold could...

GOLD Gold traded today in a narrow $8 high/low price range, from $1,283 to $1,291 on light volume. With the long holiday weekend many traders want to have no position in the commodity markets. So, today we saw some light selling. At 11am PDT today, Gold is trading at $1,285 per ounce, down $4 on light volume. SILVER Silver sold...

GOLD As we move out of the summer months and head into the traditional heavy Gold demand period, Gold is moving higher. Starting in September, the Gold jewelry manufactures start acquiring Gold bullion to fill the holiday season demand. Asian Gold jewelry demand is expected to increase over the record 2013 levels. After hitting a low of $1,273 per ounce...

GOLD Wow, today Gold traded with a $7 High/Low range, from $1,280 to $1,287 per ounce. The trading volume was light with very little price volatility. This is very common for the summer months. I expect to see a sizeable increase in trading activity after the Labor Day holiday, as professional traders return back to the exchanges. At 11am PDT...

GOLD We saw some bargain buying in the Gold market this morning from India and China, driving up the price of Gold to $1,290 at one point. The volume is still moderate to low, which is common for the summer months. At 11am PDT today, Gold is trading at $1,284.50, up $6.50 per ounce. SILVER Silver rallied with Gold, reaching...

GOLD For the most part of the day Gold has traded in a narrow $5 price range, from $1,275 to $1,280 per ounce. Gold traded like a typical summer day on light volume with little firm direction. At 11am PDT today, Gold is trading at $1,278 per ounce, down $3 per ounce. SILVER Silver hit a low of $19.26 early...