Daily Market Report

GOLD Gold prices are slightly lower today, as we see some profit taking after hitting three-week highs yesterday. Gold did trade as low as $1,259 before rallying back above $1,270 per ounce. The civil war in Iraq remains the prime issue in precious metal markets. The situation there has worsened this week, so there is still concern among many commodity...

GOLD The civil war in Iraq continues to worsen, as military activity is spreading to other cities. The Oil price is increasing and the demand for Gold is growing. At 11am PDT, Gold is trading at $1,274 per ounce, down $1 per ounce on normal volume.   SILVER Silver hit a high today of $19.91 before seeing any selling. To...

GOLD The civil war in Iraq continues to drive Oil and Gold higher. At 11am PDT today, Gold is trading at $1,275 per ounce, up $2 per ounce on weekend type volume.   SILVER Silver moved higher today with Gold, reaching a high of $19.72 before seeing light selling. Hopefully, Silver will test the $20 per ounce resistance level on...

GOLD Both Oil and Gold rallied today based on civil war and military violence in Iraq, which has the possibility of slowing oil shipments from the Middle East. Today’s 1% rally continues to show that Gold is the ultimate safe-haven asset during times of geopolitical unrest, whether it is Iran, Ukraine, or Iraq. At 11am PDT today, Gold is trading...

GOLD The World Bank stated last night that they were cutting the annual world economic growth forecast to up 2.8% from its last forecast of up 3.2%, in January. This news is bullish for Gold as it is more likely that the world’s major central banks will keep their easy-money policies longer than originally anticipated. At 11am PDT today, Gold...

GOLD Military unrest in a key oil export port in Iraq helped drive Gold higher this morning. Gold rallied in Asian markets, reaching $1,264 per ounce, before selling appeared. After the Iraq news broke, trading volume on the CME exchange almost doubled Monday’s volume on short covering and fresh buying. At 11am PDT today, Gold is up $6, trading at...

GOLD Gold stayed above the key $1,250 per ounce level the entire trading day in a very narrow $6 high/low price range. I did notice some professional trader short covering this morning. Over the weekend, China announced that its May trade surplus had increased 94% since last month, but imports had declined. At 11am PDT today, gold is trading at...

GOLD This morning, the U.S. Department of Labor stated that May unemployment held steady at 6.3% by adding 217,000 jobs. On this news of improvement in the U.S. economy, Gold declined, reaching a low of $1,246 per ounce. I have just posted on our website an informative article from Bengt Saelensminde of Money Week called “There’s something fishy going on...

GOLD During this morning’s European Central Bank meeting, the bankers made the decision to cut the rate on bank deposits to a negative .01% to incentivize banks to lend to commercial businesses. This resulted in pushing up the value of the Euro versus the U.S. Dollar, while driving the price of Gold over $1,250 per ounce. At 11am PDT today...

GOLD Gold continues to trade in a narrow price range looking for a direction. There is resistance at $1,250 and strength at the $1,240 support level. With a lot of U.S. economic news due out later this week, I would expect to see a move in Gold. At 11am PDT, Gold is unchanged, trading at $1,245 on average volume.  ...