Daily Market Report

GOLD Gold declined this morning based on the continued Spanish and Italian Banking debt crisis that is driving down the Euro, equities, and precious metals around the globe. Earlier this morning Gold reached $1,562 per ounce, when massive demand caused the market to increase $10 per ounce. The price of Gold doesn’t want to go below $1,560 per ounce. At...

GOLD Banking debt and austerity issues in Spain have caused weakness in the Euro currency and strength in the U.S. Dollar. A stronger U.S. currency normally causes Gold to sell off, but not today. For most of the day Gold has held above $1,580 per ounce on better the average demand for Friday trading. At 11am Gold is up $3.10...

GOLD Gold has traded higher in a narrow $15 per ounce price range today. The US dollar dropped to a two-week low against a basket of currencies and equities rose, reflecting a modest pick-up in appetite for risky assets. Higher oil prices based on increasing hostiles in Syria and Iran should add additional support for precious metals. At 11am PDT...

GOLD No firm statement from Federal Reserve Chairman Ben Bernanke on a near term monetary stimulus, plus a stronger U.S. Dollar has led to a lower Gold price today. Also, Gold reached $1,598.80 per ounce yesterday; at that point we saw heavy short selling and profit taking it the market. I am disappointed that Gold could not break through the...

GOLD Gold initially sold off, reaching $1,571 per ounce this morning as Federal Chairman Ben Bernanke’s started his testimony to the US Senate Banking Committee. During that testimony Bernanke made it clear that the Fed was prepared to provide different types of monetary stimulus to give the U.S. recovery a jolt if our economy continues to weaken. Gold rallied back...

GOLD Gold briefly sold off last night, reaching $1,577 per ounce in Asia at one point before demand overwhelmed the market and Gold rallied back above the $1,590 level. I think the increased volume of purchasing is coming from central bank Gold accumulation. This week the IMF should release central bank Gold purchasing numbers for June, and I believe that...

GOLD Based on a weaker dollar and excellent Asian demand, Gold rallied today. At 11am PDT, Gold is up $20.70, trading at $1,590.10 per ounce. I look for Gold to move above $1,600 per ounce again next week. I’ve attached an extraordinary 100+ page article on Gold by the Erste Group Research called “In Gold We Trust” making the case...

GOLD Today could be a short term reversal day for Gold and let me explain why. Early this morning, Gold dropped to $1,553 per ounce on Asian news (see below), then held in the $1,560 area for a short term on excellent demand. Then, in late trading the market volume increased and Gold rallied to close at $1,568 at the...

GOLD Yesterday, the World Gold Council (WGC) lowered its 2012 Chinese Gold demand estimate to 870 tonnes (a 10% increase of 2011 levels) from 1,000 tonnes, claiming that the firmer dollar and stagnating Gold rally have dented the metal’s attractiveness. Another negative for Gold has been the decrease of Indian Gold buying due mainly to a weak rupee, and a...

GOLD Gold broke above $1,600 earlier this morning and couldn’t hold it. After dropping back below the $1,600 per ounce level many of the short term traders shorted Gold, driving it down to $1,577 per ounce. At 11am PDT, Gold is at $1,581 per ounce, down $11 on above normal volume of trading. SILVER When Gold broke down below $1,600...