Daily Market Report

GOLDGold closed down $32.00 today at $1,482 as the entire precious metals group, led by Silver, was down on panic selling caused by margin calls and stop loss selling. I believe this selloff is the clean-out of the weak hands by the hedge funds and commodity houses, before the next leg higher. I saw the identical type of action back...

GOLDThis week we have seen gold drop from its May 2nd closing high of $1,557.50 to today’s close of $1,514.00 (less than a  3% drop) while we have seen Silver correct almost 20% in just five trading days.  For the past month I have talked about the high volatility and risks in Silver. Yes, you need to own Silver as...

GOLDGold closed at $1,542.60, down $14.90 in light trading as the Gold price stabilizes and shows excellent support at the $1,520 level.  Sunday night’s Gold trading in Asia showed extraordinary demand and renewed buying under the $1,540 level. The volume of trading was less than a 2% drop from the previous close.   I still see Gold breaking above $1,600 by...

Last night we saw demonstrations reacting to the killing of Osama Bin Laden. They were cheering USA, USA, USA in front of the White House and Ground Zero, while World Government leaders were concerned about the backlash and counter protests  Within minutes of the news announcement, the market received orders to BUY USA DOLLARS AND SELL PRECIOUS METALS. This extraordinary...

GOLDGold  continues to set all times highs closing at $1,542, up $15.40 for the day on active trading. SILVERSilver increased $.30 today to $48.80 per ounce on volatile trading with heavy volume. Over the past two weeks a trend is becoming clear, as gold and silver continues to set new highs, investors are running away from paper precious metal assets. ...

GOLDGold closed at $1,529.80, up $13.60 on very active trading, reaching $1,539.50 at one point today.Yesterday’s Bernanke press conference gave more fuel for higher asset prices, leading to a rally in the US stock markets and a new 16 month low for the U.S. Dollar. After the conference, Silver rallied $2.00 and we saw a new record high for Gold...

GOLDGold closed today at $1,516.20, up $14.50 for the day on heavy volume. SILVERSilver also traded amidst heavy volume and closed at $46.10, up a net $ .86 cents on the day.   We are awaiting the Bernanke statement and after Bernanke speaks today we expect to see volatility in the market. I’m at the CNSA Coin Convention in Chicago...

GOLDGold closed down $8.41 today at $1501.70 an ounce on the first full day of global trading since last Thursday. Gold has built an excellent base above $1,500 per ounce. It may not have the volatility and excitement of Silver, but Gold is proving that slow and sure is an excellent investment strategy. Gold’s uptrend is still intact; remember the...

GOLDGold set another record high closing at $1,510.11, ending the day up $3.81 from Thursday’s close. Gold was extremely active today at one point reaching a $1,519.30 high amidst a $20 trading range. The continued decline in the value of the dollar is adding to our view of the rally in the Gold price. When denominated in euros, gold advanced...

GOLDGold trading was closed today in U.S. trading, however Gold did reach a new record high of $1,513.60  in Asia and was trading in Australia at $1,509 around Noon West Coast time.  The ongoing euro zone sovereign debt crisis, unrest in the Middle East and North Africa, rising global inflation, and most recently worries over the fiscal stability of the...