Daily Market Report

GOLD Gold traded as high as $1,484 per ounce earlier this morning, with good demand from Asia and a weaker U.S. Dollar. Gold then sold off to hit $1,448 per ounce later in the day. Gold needs a little consolidation time at this point, maybe through early next week, before continuing the rally to the next resistance level of $1,500...

GOLD Gold rallied this morning in the face of deceasing paper Gold holdings. The SPDR Gold ETF (GLD) reported that Gold storage dropped to 1,092.98 metric tonnes late yesterday, down 30 metric tonnes from last Friday, and the lowest level in over two years. This decline in investor stored Gold is being offset by the recent surge in global physical...

GOLD Yesterday Gold tested the $1,400 per ounce support level for the 2nd time and held with good volume. During yesterday’s and today’s trading most of the professionals preferred to own Gold at the current level then to sell it. This morning I saw the traders wanting to buy Gold from the opening gun and fresh investor demand followed. At...

GOLD Goldman Sachs said this morning that they had taken their profit and closed out their short Gold trade and are now neutral on the precious metal. UBS commented this morning that they are seeing tremendous buying of Gold in Asia, with Shanghai Gold Exchange reaching a new record of 57.6 metric tons of Gold in Monday’s trading. With this...

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...