Daily Market Report

GOLD Many of the precious metal floor traders are short on Gold and Silver ahead of the release of the December Federal Reserve minutes. After the Federal Reserve announced they are going to cut their $85 Billion stimulus by $10 Billion, Gold first rallied $5 per ounce, then dropped to $1,222, before a short covering rally started. At 11am PDT...

GOLD As the precious metal markets wait for direction from tomorrow’s Federal Reserve’s meeting, Gold sold off $16 per ounce today. The short term bias is still negative, but any delay in reducing the $85 billion stimulus could change the direction. At 11am PDT today, Gold is trading at $1,229 per ounce, down $15 per ounce on average volume. SILVER...

GOLD Gold is up $8 today on light Asian buying, and still trading in its recent trading area. The US Federal Reserve will be meeting on Tuesday and Wednesday this week. The meeting could spell out the Fed’s plans as to when they might begin tapering the stimulus program. If the tapering is likely to begin in March, there could...

GOLD The Labor Department reported today that wholesale prices in the U.S. dropped 0.01% in November. This was the third straight month the wholesale prices have dropped, reflecting lower costs in energy and cars, with little to no government reported inflation during that period. Gold reacted positively to the report and quickly rallied $12 per ounce. At 11am PDT today...

GOLD The precious metal markets reacted negatively to the congressional two year budget agreement. The feeling is that this agreement would give the Federal Reserve an excellent reason to slow down their $85 billion monthly stimulus program at their up-coming meeting on Dec. 17-18. Both the precious metal markets and the equity markets dropped today as the U.S. Dollar rallied...

GOLD After a $28 increase in the price yesterday, Gold is trading in a narrow $10 range ($1,253 to $1,263 per ounce) showing excellent support above the very important $1,250 support level. At 11am PDT today, Gold is down $6 per ounce, trading at $1,257 per ounce, on excellent volume. SILVER Silver is holding very well above the key $20...

GOLD Based on strong economic news from China and Japan, Gold rallied overnight in Asia and continued to rally in London and on the CME. Traders, who were short Gold, covered their sales when spot Gold broke above the $1,250 resistance level. Gold’s heavy trading volume took it up $34, to $1,268 per ounce before some profit taking came in...

GOLD Gold opened $8 per ounce higher today as China posted its biggest trade surplus in almost five years on Sunday. Soaring exports ran ahead of modest import growth, potentially resurrecting a source of friction with the US. In November, China’s trade surplus rose to $33.8 billion from $31.1 billion the month before. Exports staged a rebound, rising 12.7% from...

GOLD We had exciting trade in the gold pit today. Gold was trading at $1,228 per ounce when the U.S. Labor Department announced that 203,000 jobs were added in November. This was higher than the 180,000 estimate and Gold immediately dropped $14 per ounce on concerns that the Fed would get its monthly stimulus. With Gold at $1,214 per ounce...

GOLD Gold sold off this morning on a report from the U.S. Commerce Department that the U.S. economy grew at a 3.6% annual rate in the third quarter, faster than first reported and its strongest performance in 1 1/2 years. Tomorrow’s November Employment Report could be a major catalyst for the short term direction of precious metals. The consensus is...