Daily Market Report

GOLDCyprus reached an eleventh-hour €10bn bailout deal with international lenders this morning that avoids a controversial levy on bank accounts, but will force large losses on big deposits in the island’s two largest lenders. The deal will allow the European Central Bank to keep its emergency lifeline open to Cypriot banks on Monday, preventing a meltdown of the financial sector...

GOLD Today, Gold is trading near a four week high, underpinned by safe-haven demand (on the fear of a potential financial meltdown in Cyprus) which has put bullion on track for some serious price appreciation. If the Cyprus government does not come up with a solution to clinch an international bailout, it faces a collapse of its financial system and...

GOLDAfter Gold trading ended in New York yesterday, the Federal Reserve made an announcement that it would stick to its stimulus plan, and keep its federal funds rate target unchanged at a record low range of 0 to 0.25%. This is good news for Gold in the long-term, as the Fed believes that the economy will see some moderate growth.Today...

GOLD Gold is trading in a very narrow $1,605 to $1,615 per ounce price range awaiting today’s announcement from the Federal Reserve after their two day meeting. At 11am PDT today Gold is trading at $1,608 per ounce, down $4.70 on average volume.   I am really excited to announce that my 2013 Hyperinflation booklet is now complete and has...

GOLD Up up and away for Gold as it tested the $1,600 price level this morning and held. After watching today’s Gold trading, I believe that the $1,600 price level has turned from a resistances level into a support level. Many of the professional commodity traders I speak with have turned bullish on Gold and are now aggressively buying on...

GOLD Gold finally broke above the key $1,600 per ounce resistance level this morning. Earlier today in Asia, Gold traded as high as $1,610 per ounce on news of a radical Eurozone bailout package for Cyprus. This rally was in the face of a very strong U.S. Dollar versus the Euro, which normally is very negative for Gold. Gold needs...

GOLD Gold has tested resistance at the $1,600 level in two of the past three trading sessions. However, with U.S. equities at all-time highs, Gold was unable to break through the psychological level. The yellow metal is now consolidating for another attempt, and is finding support as the U.S. Dollar weakens versus the Euro. At 11am PDT today, Gold is...

GOLD Gold dropped to as low as $1,575 per ounce early this morning after selling off when it reached the important $1,600 per ounce resistances level on Wednesday. Gold’s sell off this morning came after a positive news report that February U.S. retail sales are expanding at their fastest pace in five months. At 11am PDT today, Gold is trading...

GOLD Gold traded in a very tight price range on Wednesday, holding near a 1 1/2-week high hit in the previous session when Germany’s central bank expressed concerns about the euro zone crisis and the European Central Bank’s moves to stem it. Germany’s Bundesbank said the euro zone crisis, which has eased as a result of the ECB’s funding promises...

GOLD Gold moved above the $1,590 per ounce level on the opening this morning, following comments by an ECB official that Eurozone inflation pressures are abating, which is viewed as an indicator of continued monetary easing. Accommodative monetary policies favor Gold as low interest rates encourage investors to put money into precious metal assets. The Gold rally was supported by...