Daily Market Report

GOLD Gold opened lower today based on a strengthening of the U.S. Dollar which is due to a better than expected weekly jobless claim report. The Congressional Budget debate and upcoming concerns over raising the debt ceiling is giving support to the Gold price, but the market is range bound. Gold is showing firm support at $1,315 per ounce, with...

GOLD Finally a nice Gold rally! Today, based on reports on increasing central bank Gold buying in August, Gold rallied. At 11am PDT today, Gold is up $12 per ounce, trading at $1,336 per ounce on better than average volume. SILVER Silver traded in a very thin $0.49 range today, between $21.96 and $21.47. At 11am PDT Today, Silver is...

GOLD Based on a lack of Federal Reserve tapering, Barclay’s Bank believes Gold could reach $1,482 by next month. Gold opened lower today, reaching $1,305 per ounce, then rallied on excellent demand to close at the highs of the day. At 11am PDT Today, Gold is trading at $1,324 per ounce, down $2 on the day on good volume. SILVER...

GOLD Gold closed in late trading on Friday at $1,326 and today it has traded within a few dollars of that price. With the congressional debate over the U.S. budget and the legislation to raise the national debt the precious metal markets are focused on Washington D.C. At 11am PDT today, Gold is trading at $1,326 per ounce, unchanged from...

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...