Daily Market Report

GOLD Demand continues to grow on the world’s Gold exchanges, with Gold rallying on the open and reaching a high of $1,240 per ounce. At 11am PDT today, Gold is up $10 per ounce, trading at $1,237 per ounce on average Friday volume. SILVER For most of the trading day Silver has managed to stay above the key $20 per...

GOLD Gold has started 2014 with a nice rally due to fresh buying and no more year-end selling. Historically, January has been a good month for precious metals and I see no reason why this month will not show good increases for the Gold price. At 11am PDT today, Gold is up $24 per ounce, trading at $1,227 per ounce...

GOLD The final 5% of 2013’s tax loss and mutual fund selling drove Gold to under $1,200 per ounce in late trading yesterday. The Gold price stabilized around $1,200 per ounce until late overnight trading in Asia and Europe drove it down $20 per ounce. Gold’s price dropped to $1,182 per ounce in about an hour, but quickly rallied back...

GOLD Gold tested the $1,200 per ounce level this morning on respectable volume, and held. I believe 95% of 2013’s tax loss selling by mutual funds to delete Gold from their year-end financial reports has been completed. Tomorrow, we will see very light trading in the commodity pits as trading will be closed early for the New Year holiday. At...

GOLD The low volume of trading continues worldwide in the Gold pits. As Gold trades in a narrow $11 per ounce high/low range it provides no short term direction. Hopefully, on Monday the trading volume of trading will pick up, test support levels, and start a 2014 rally. At 11am PDT today, Gold is trading at $1,214 per ounce, up...

GOLD Gold rallied $12 this morning after a disappointing unemployment report was released. This report showed that first-time claims for unemployment benefits fell to 338,000 in the week ending on Dec. 21st. Economists had forecasted a decline to around 345,000 claims. Although I am happy to see Gold rally, I am disappointed that the trading volumes are very low worldwide...

GOLD Gold rallied in Asia this morning, moving back above the $1,200 resistance/support level as India’s commerce ministry calls for easing of Gold import restrictions. Gold continues to trade in a narrow $10 price range from $1,196 to $1,206 on light volume. When the volume picks up, the short term direction of the price will be made clear. At 11am...

GOLD This morning, Gold traded as low as $1,191.80 per ounce on Asian markets before rallying back above the important $1,200 level. The volume is not what I would like to see, but it is a holiday week and a good number of traders are on vacation. At 11am PDT today, Gold is trading at $1,199 per ounce, down $4...

GOLD Yesterday, the bears took control of the precious metal markets on the heaviest volume I have seen in weeks. Gold broke down below the key $1,200 per ounce level and kept on going, reaching $1,186 per ounce, before finding some short covering support. CNBC wrongly reported all day yesterday that $1,186 was a three year low for Gold. They...

GOLD After yesterday’s Federal Reserve announcement about reducing the $85 billion monthly stimulus, there was a real war in the precious metal trading pits. Gold initially dropped after the $10 billion monthly reduction was announced to $1,222 per ounce, then quickly rallied to $1,245 on massive short covering. After Gold’s short covering rally, it actively traded between $1,232 and $1,239...