Daily Market Report

GOLD Gold rallied this morning as the Federal Reserve Bank of Chicago’s announced that the national index for January was at minus 0.39, compared with analysts’ median estimate of minus 0.2. A below zero reading indicates below-trend-growth in the national economy. At 11am PDT today, Gold is up $14 per ounce, trading at $1,337 per ounce on excellent volume. SILVER...

GOLD Gold is trading in a tight $9 per ounce price range today from $1,316 to $1,325 per ounce. I am seeing great and very healthy consolidation after the recent $70 sharp rally. At 11am PDT today, Gold is trading at $1,323 per ounce, up $6 per ounce on average Friday volume. Gold Continues to Move from West to East...

GOLD Gold is trading lower this morning after the release of the Federal Reserve minutes late yesterday, showing that officials couldn’t agree about the outlook for short-term interest rates. Gold tested support at $1,307 this morning before demand appeared. At 11am PDT today, Gold is down $3, trading at $1,317.00 per ounce on average volume. Gold Smuggling Doubled in India...

GOLD After nine consecutive trading days of moving higher (up $74) Gold is finally taking a breather. Price consolidation would be very healthy for Gold, allowing it to build new long positions above the key $1,300 per ounce support level. At 11am PDT today, Gold is trading at $1,320 per ounce, down $4 per ounce on excellent volume. SILVER Silver...

GOLD Gold continued its rally over the holiday weekend in Asia and Europe. Physical demand for Gold in 2013 was off the charts (see World Gold Council report) around the globe. At 11am PDT today, Gold is trading at $1.324 per ounce, up $7 from last Friday on excellent volume. World Gold Council releases 2013 Gold Demand Numbers The World...

GOLD Gold is trading higher today, extending gains for the eighth straight session. Gold broke above the key $1,300 per ounce resistance level for the first time in more than three months. A fall in monthly retail sales and a rise in weekly jobless claims helped fuel weakness in the U.S. dollar, luring traders to the perceived safety of Gold...

GOLD Today was Gold’s second attempt to break above the key long term resistance level of $1,300. It reached $1,302.60 for today’s high, trading actively between $1,295 and $1,302 on short term profit takings, but closing strong. At 11am PDT today, Gold is trading at $1,300.50 per ounce, up $10 per ounce on good volume. The issue of what China...

GOLD Over the past year, many of the professional commodity traders (PCT) have developed a strategy of shorting (selling) Gold on any rally, then covering the short sale (buying back) when it drops. This was a profitable strategy during 2013. Now, having talked to a number of these PCTs, I see they are beginning to re-think this strategy and have...

GOLD Today, Gold rallied to $1,293 per ounce, the highest level since Nov. 14th 2013, and its highest price for 2014. Next stop is $1,300 per ounce and if/when that happens, many of the professional commodity traders will turn bullish. At 11am PDT today, Gold is trading at $1,290 per ounce, up $16 on excellent volume. China’s Gold consumption jumped...

GOLD Gold rallied this morning, moving above the key $1,270 per ounce level and fresh buying from Asia. Demand continues to be strong, while trading for most of the day in a narrow $8 per ounce range between $1,270 and $1,278. At 11am PDT today, Gold is up $10 per ounce, at $1,274 on excellent volume. SILVER This morning, silver...