Daily Market Report

GOLD Gold opened in Asia above the key $1,400 per ounce support level and kept on moving higher. Hedge funds and other big speculators have plowed new money into Gold last Friday and again this morning as the Gold price reached a high of $1,435 per ounce before seeing any selling. A negative for paper Gold investors is the steady...

GOLD The world’s Gold and Silver commodity markets are trying to stabilize, clearing out margin calls, while seeing fresh buyers. The Gold price has been consolidating in the $1,400 per ounce area. In Asia last night I saw fresh buying, which took the Gold price up to $1,425 per ounce before selling appeared. At 11am PDT, Gold is trading at...

GOLD The Asian trading this morning was excellent harbinger of the general trend of the gold price. In Asia the price of gold sold down to $1,338 per ounce, and was looking like it could have broken the major support level, however a lack of selling combined with fresh bargain buying appeared. The gold price started to rally and while...

GOLD Physical demand for Gold is soaring in Asian & Middle Eastern markets, buying ranges from five to ten times normal levels. In the U.S. the Mint has as already sold 122,000 ounces of Gold as of April 16th, compare that to 20,000 ounces in the entire month of April 2012. Additionally, on Monday central banks purchased 1.8 million ounces...

GOLD On Monday the volume on the most actively traded CME 100 contract (June 2013) was 701,498. This is an all-time record high volume; over 74.6 million ounces of 2013 Gold CME contracts changed hands on Monday. History has shown me that for Gold to bottom out and change direction it needs to shake out the weak hands and that’s...

GOLD & SILVER Although reports from the Middle East and Asia over the weekend showed extraordinary physical demand for Gold and Silver, retailers reported that the current bargain prices increased their sales from five to ten times normal. However, today’s margin and panic selling in Europe and the U.S. drove the Gold price down below $1,400 per ounce. Additional fears...

GOLD This morning Gold fell along with other commodities as the dollar rose on a weak batch of U.S. data and as the psychological impact of potential selling of the precious metal from Cyprus continued to take its toll.  Rumors that Cyprus’s gold will be sold directly into the open market, rather than being used as collateral for the IMF...

GOLD After yesterday’s correction, Gold moved higher and has stayed in a relatively tight $15 trading range today. Gold hit major support around $1,553 per ounce earlier this morning before seeing major short covering and fresh buying interest. Gold is showing excellent strength in the face of another 13 ton drop in the Gold ETF (GLD) SPDR’s holdings, down to...

GOLD A combination of Fed minutes showing a possible early break in U.S. monetary stimulus, a cut in the Gold price forecast by Goldman Sachs, and the sale of $520 million in Gold (10 tonnes) by Cyprus, have driven Gold lower today, reaching $1,556 per ounce at one point. At 11am PDT today, Gold is trading at $1,560 per ounce...

GOLD It’s about time investors begin to realize that Gold demand is greater than the supply and at the current price level it is undervalued. This morning a Gold rally started in New York right after the open, and continued gaining strength as the trading day progressed. A weaker U.S. Dollar against the Euro was also a helpful factor. At...