Daily Market Report

GOLD Overnight in Asian markets Gold rallied up to $1,245 per ounce before selling hit the market. The normal demand from Chinese and Indian buyers did not appear and the Gold quickly sold off, reaching a low of $1,208. Because of the weakness in the Asian and European economies the U.S. Dollar has been the strongest currency trading, which is...

GOLD Gold prices were sold down to a low of $1,224 per ounce in Asia this morning on fears about the impact of a cash crunch in China. This, along with the projected low Indian Gold demand, has the government restricting banks to make Gold-backed loans in order to curb imports in addition to increasing import duties. The end of...

GOLD Today I saw a lot of major international banking institutions (HSBC, Deutsche Bank, Morgan Stanley, Goldman Sachs and BNP Paribas) lower their Gold and Silver price forecasts. These statements negatively affected the price of Gold and Silver this morning. At 11am PDT today, Gold is trading at $1,278, down $2 per ounce on excellent volume. Central Banks keep buying...

GOLD Gold traded today in the $1,275 to $1,300 per ounce range. Gold has done very well today considering a dramatic drop in the world’s equity markets, the U.S. DJIA down over 150 points, and with the continued strength in the U.S. Dollar. Today’s Gold demand is good, but with problems with weak Chinese economic news and a cash crunch...

GOLD Yesterday, Gold was unable to find buyers in the face of a strong U.S. Dollar, moderate inflation indicators, a collapsing equities market, a continued drop in the Gold ETF holdings (now down to 995.35 tonnes) and positive U.S. economic news. After gold broke below $1,322 and $1,300 per ounce support levels, we saw professionals and technical traders come into...

GOLD Gold slid after Federal Reserve Chairman Ben Bernanke suggested the U.S. Federal Reserve will begin scaling back its $85 billion bond-buying program later this year, saying "The committee currently anticipates that it will be appropriate to moderate the monthly pace of purchases later this year." This news, and the possibility of quantitative easing ending by next year if the...

GOLD Many professional traders and speculators sell Gold short every time it gets near $1,400. These sellers would run for cover should Gold rally above $1,410, however many of these same traders bought Gold (went long) when it hit $1,360 yesterday.   Many anxious Gold investors are concerned that if the Federal Reserve reveals a road map for weaning the economy...

GOLD India’s trade deficit was reported this morning, widening to a seven-month high of $20.1 billion in May, surging 18.8% on-year. Gold imports continued to remain high despite recent measures from the government and the Reserve Bank of India (RBI). The Indian government has raised the Gold duty twice this year, first to 6% and recently to 8%. India’s imports...

GOLD Gold traded today in a narrow price range awaiting direction from the Federal Reserve policy meetings starting tomorrow. At 11am PDT, today Gold is down $5 per ounce, trading at $1,383 per ounce on normal volume. SILVER Silver briefly traded above $22 per ounce, reaching $22.11 per ounce earlier this morning. However, as Gold sold off from its highs...

GOLD History has shown us that as we enter the summer months the physical demand for precious metal investment products decreases and volume of contracts & options traded on the worldwide commodity exchanges drops off. If Gold stays within the current $1,370 to $1,400 per ounce trading range, this would be an excellent consolidation and break the recent short term...