Daily Market Report

GOLD Today we are seeing weekend profit taking from many professional traders. With a congressional budget fight and serious problems raising the debt limit on the horizon, we could see a significant rally in precious metals this month. At 11pm PDT today, Gold is down $34 per ounce, trading at $1,336 per ounce on better than average volume for a...

GOLD In a surprise move, the Federal Reserve said late yesterday that it would continue its $85 billion bond-buying program for at least another month. After the announcement Gold quickly rallied $50 and continued higher last night and again this morning. Since last September, the Fed has been buying $85 billion in bonds each month in an effort to lower...

GOLD Today was an exciting day for Gold investors. Gold broke through the key $1,300 per ounce support level this morning on concerns of today’s FOMC announcement regarding the possibility of tapering its $85 billion monthly debt purchases. At one point today Gold dropped to as low as $1,291.60. Then, as we approached the FOMC announcement, the U.S. Dollar started...

GOLD Today Gold has traded in a very tight range while waiting on tomorrow’s news from the FOMC meeting. The concern is that if the Federal Reserve tapers its monthly bond buying by more than $10 or $15 billion it would be negative for Gold. At 11am PDT today, Gold is trading at $1,311 per ounce, down $7 per ounce...

GOLD The surprise announcement that Larry Summers was withdrawing from possibly being selected as the next Federal Reserve chairman rallied Gold in early morning Asian trading. Mr. Summers, an academic economist, is considered to be a Keynesian and therefore negative on Gold. At 11am PDT, Gold is up $9 per ounce, trading at $1,318 per ounce on heavy volume. SILVER...

GOLD Gold got hammered again today, dropping to as low as $1,305 per ounce on heavy volume. The very important $1,300 per ounce support level will probably be tested by Monday morning, and I expect it to hold. The only news that could be affecting this decline is the possibility of Larry Summers being selected as the new Federal Reserve...

GOLD This morning in Asia Gold broke down below the $1,360 support level and technical traders came in to short the market, driving Gold down to $1,326 per ounce before seeing heavy demand. Other than a report that India’s Gold imports for August were lower than expected, there was no significant negative Gold news. At 11am PDT today, Gold is...

GOLD Gold traded today in a very tight price range, trading between $1,356 and $1,368 per ounce. $1,360 per ounce has shown to be an excellent support price. Based on recent trading activity I believe Gold is about to make a big move higher very soon. At 11am PDT today, Gold is trading unchanged at $1,365 per ounce. SILVER Silver...

GOLD Gold fell $23 per ounce today after the Russian proposal to put Syria’s chemical weapons under United Nation’s control gained international acceptance. This news has calmed the worries about a potential U.S. led strike against Syria, especially after Syria accepted the proposal. Gold traded as low as $1,358 per ounce this morning before sizeable demand appeared taking the market...

GOLD Gold traded in a narrow $10 price range over the weekend and during Monday’s trading. Gold is showing excellent consolidation in the current $1,360 to $1,420 per range. Demand for physical Gold continues to grow with reports that the COMEX Gold inventories dropped under 700,000 ounces, for the first time ever. At 11am PDT today, Gold is trading at...