Daily Market Report

The news of continued Middle East and North Africa protests in Algeria, Bahrain, Yemen, Syria, Libya, Oman, and Iran, have increased demand for all precious metals. The World Gold Council (WGC) said today that Gold demand for 2010 reached a ten year high, with demand hitting 3,812.2 tonnes, worth approximately US$150 billion. WGC also stated that the changes in central...

GOLD Today Gold traded actively in a narrow price range. Gold opened virtually unchanged, then traded down $5 on little news. After news was released of January’s U.S. wholesale price information up 0.8%, the largest increase since October 2008, and news of two Iranian warships going through the Suez Canal on their way to Syria, the gold market jumped up. ...

SILVER Silver closed at $30.71, up $0.18 for the day in active trading. Today’s silver increase was helped by the release of U.S. Commodity Futures Trading Commission data which showed last week there was a substantial increase in demand on the NYMEX. Silver should reach its recent high of $31.22 shortly, which should act as a short term resistance level...

Precious Metal Market trading was very active today with Silver taking the lead up 53 cents to $30.53. Gold recovered from earlier lows closing at $1,365.10, up $4.70.  The news of continued Middle East protests in Algeria, Bahrain, and Yemen, plus the release of the Obama $3.7 Trillion budget, which forecasts deficits for 2011 at $1.6 trillion and $1.1 trillion...

Today’s announcement of the removal of Mubarak as Egypt’s President did not have any dramatic effect on the precious metal markets.  Gold prices initially traded lower on the announcement but rallied back to over $1,360, caused by the uncertainty for Egypt and the Middle East in the coming months. Gold closed at $1,359.20, down $1.30 for the day on good volume...

Gold closed at $1,360.50, virtually unchanged; Silver at $30.13, down 3 cents on light volume.As the World and its commodity markets wait to hear news out of Egypt, precious metals have traded in a narrow range. Today’s news that affects the precious metal prices: European Central Bank is taking aggressive actions to support the Portuguese debt crisis. The U.S. Dollar...

After yesterday’s break out rally in gold and silver, today’s action was quiet while consolidating the gains. Gold closed at $1,361 down $2 for the day, and Silver closed at $30.16 down $.14 on light trading.A weaker Dollar, and Ben Bernanke downplaying the U.S. inflation risk in Congressional testimony, added to the support of precious metals trading.Today’s Important News: Global...

Up Up and Away, a little earlier than I had anticipated but all four precious metals broke out today and are off and running.  Gold closed at $1,363, up $12; Silver closed at $30.30, up $.90; and Platinum and Palladium were each up $15. We are seeing heavy demand for precious metals primarily from Asia, and with renewed concerns about...

During today’s trading, crude oil prices were lower, the U.S. Dollar & Stock Market was higher, and gold traded higher in a very narrow range.Gold closed at $1,351, up $1 in light trading with volume about half of last week’s levels. I continue to believe that Gold is building an excellent base in the $1,310 to $1,365 range, preparing for...

Gold’s sharp $30 turn-around on Thursday resulted from two culprits, Ben Bernanke and Jean-Claude Trichet. Both central bank leaders signaled no change to the bank’s low interest rate policy, while acknowledging rising food and energy prices. Today the U.S. Labor Department reported that the unemployment rate fell unexpectedly to 9.0% in January, a 21-month low, as nonfarm payrolls rose by...