Daily Market Report

GOLD Gold reached a low of $1,273 per ounce in Asia this morning. At that point bargain buying stepped in and took the price back above $1,280 per ounce. As the Gold price consolidates in the $1,270 to $1,300 per ounce area we are seeing excellent accumulation and demand particularly in the Asian markets. At 11am PDT today, Gold is...

GOLD In a report to the House of Representatives Financial Services Committee the Federal Reserve Chairman Ben Bernanke said that the central bank anticipates the beginning of tapering bond purchases later this year. That policy will remain accommodative and could change depending on the incoming economic data. The Fed Chairman also said, "With unemployment still high and declining only gradually...

GOLD Gold moved higher today as the U.S. Dollar weakened ahead of concerns about Federal Reserve Chairman Ben Bernanke’s congressional testimony tomorrow. Many analysts expect this testimony could provide clues on the timing of the Federal Reserve’s tapering of monetary stimulus. The Gold market is trading in a very important area. If Gold could breakout above the $1,300 per ounce...

GOLD Gold traded actively today between $1,272 and $1,293 per ounce on excellent volume. As Gold consolidates in the current price range we continue to see strong demand for physical investment products on a global scale. At 11am PDT today, Gold is up $5 per ounce, trading at $1,284 per ounce on average summer type volume. U.S. Mint Gold Sales...

GOLD Gold sold off today, as the U.S. dollar strengthened and professionals took some short term profits. This week we have seen the biggest weekly gain for Gold in nearly two years. After watching Gold rally $66 (5.4%) since last Friday it is important to watch the key $1,300 per ounce resistance level for a breakout. While talking to professional...

GOLD Yesterday the June 18 & 19 Federal Open Market Committee (FOMC) meetings minutes were released to the general public. Those minutes showed that about half of the Federal Reserve’s 19 senior officials felt that they would support ending the central bank’s monthly purchase of $85 billion in bonds by year-end and not any earlier unless the unemployment number, currently...

GOLD Gold declined this morning in Asia after China’s exports unexpectedly fell in June. Investors wait for the release of possibly negative minutes from the Federal Open Market Committee’s meeting last month amid bets that the U.S. Federal Reserve will begin reducing stimulus. At 11am PDT today, Gold is trading at $1,250 per ounce, up $5 on average volume. SILVER...

GOLD Chinese consumer prices rose 2.7% year on year in June, up from 2.1% in May, and the highest since February. Higher pork prices, a major component of China’s consumer price basket, were the biggest contributor to the jump. Rental costs also edged higher, a reflection of how Chinese property inflation has accelerated this year. This news release spurred heavy...

GOLD Friday’s Gold sell off drove the price down to as low as $1,206 due to the better-than-expected increase of 195,000 jobs in the June report. This beat consensus expectations of 165,000. This morning Gold opened higher in Asia and kept on rallying, reaching a high of $1,238 per ounce. At 11am PDT today Gold is trading at $1,237 per...

GOLD The Gold price has traded between $1,246 and $1,261 per ounce today on average volume. At 11am PDT today, Gold is trading at $1,253.70 per ounce, up $10.30 per ounce. Investors swapping paper Gold for physical Gold is increasing As of June 28, 2013 investors have sold 586 metric tons of paper Gold from their exchange-traded Gold funds since...