Daily Market Report

GOLD The Gold price drifted lower in quiet summer trading today, but the action should pick up over the next several trading days after the release of several closely watched US data reports and as eurozone government officials discuss the merits of new stimulus programs. At 11am PDT, Gold is down $9.30, trading at $1,612.60 per ounce.  Gold demand is...

GOLD Gold is taking the lead again today; after reaching an early morning low of $1,604.90 per ounce, Asian demand for Gold with good volume drove the market back to $1,628 before seeing resistance. $1,630 is an important resistance level, but when it breaks through very soon the price should move quickly to test $1,700 per ounce.  At 11am PDT...

GOLD Gold rose today after China’s factory output activity unexpectedly slowed in July to its weakest in more than three years, which leaves room for policymakers to adopt a bullion-friendly monetary stimulus policy to meet China’s annual 7.5 percent growth target. At 11am PDT, Gold is up $3.60 per ounce, trading at $1,616.80 per ounce on average volume. SILVER Silver...

GOLD Gold sold off earlier this morning, reaching $1,603 per ounce before rallying back to $1,617 per ounce on excellent demand. Gold staying above the key $1,600 support area continues to be very bullish for a possible breakout very soon. At 11am PDT, Gold is trading at $1,613.20, up $1.40 on excellent volume. SILVER Silver fell to $27.67 earlier today...

GOLD At 11am PDT today Gold is trading virtually unchanged from yesterday at $1,611.80, down $0.60 per ounce on average trading volume. PHYSICAL GOLD DEMAND IS INCREASING South Korea increased its Gold holdings by nearly a third in July, buying 16 tonnes of Gold for $810 million, an average cost of $1,582 per ounce. This purchase is part of South...

GOLD Gold has stayed above $1,600 per ounce for the entire day on excellent demand. At 11am PDT, Gold is trading at $1,612.40 per ounce up $5.20 per ounce on excellent volume.   The Chinese Keep Buying More and More Gold China imported 382.79 tons of Gold from Hong Kong in the first half of the year, up 64.95 tons...

GOLD After claiming last week in London that he would do “whatever it takes” to preserve the Euro, ECB President Mario Draghi disappointed investors. In yesterday’s meeting he failed to outline specific ways of remedying the situation.  He broadly stated that governments should be ready to shore up liquidity, but didn’t mention how this would be accomplished. Should Gold stay...

GOLD At 11:15pm PDT on Wednesday August 1, 2012 the Federal Reserve FOMC announced they weren’t going to provide any new monetary stimulus at this time. The U.S. Dollar moved higher versus the Euro, and Gold dropped fast from $1,607 to $1,591 per ounce. Gold then quickly rallied back to above the $1,600 level on excellent volume.  Today, Gold dropped...

GOLD This morning, ADP Employer Services said that the US economy added 163,000 jobs in July, easily beating the forecast for a gain of 121,000 jobs. This strong economic report caused Gold traders to be less optimistic about today’s U.S. Federal Reserve Open Market Committee’s report on additional monetary stimulus. If the Fed decided to launch another round of quantitative...

GOLD Today, Gold has actively traded from $1,610 to $1,629 per ounce on normal volume. Gold once again attempted to breakout above the $1,625-$1,630 resistance level. Since June 1st, this price level has been reached thirteen times without decisively breaking through. The Gold price has a QE premium built into it, as we wait for news on this subject by...