Daily Market Report

GOLD Although China is on a record pace for Gold purchases this year (see below) in overnight news, China’s consumer price inflation was reported at up 2.5% in December, on an annualized basis—up significantly from the 2.0% reading in November. That news is bearish for the Gold, as it suggests China’s central bank will be less accommodative in its monetary...

GOLD An unexpectedly high Chinese trade surplus has increased Gold demand in Asia, driving up the price in Asian commodity markets over night. At 11am PDT today Gold is up $20.10 per ounce, trading at $1,679.10 per ounce on heavy volume. PRECIOUS METALS UP ON UNBELIEVEABLE GROWTH IN CHINA’S TRADE SURPLUS China’s exports surged in December, blowing away analysts’ expectations...

GOLD Yesterday in late trading, Gold broke out above the $1,655 per ounce level. In early Asian trading Gold is showing excellent demand while holding above the key $1,650 per ounce level on active trading. According to the Hong Kong government, China imported 90.764 tonnes of Gold in November, almost doubled from the 47.478 tonnes in October. During the first...

GOLD In overnight Asian commodity markets, Gold stayed within a narrow price range, trading between $1,646 and $1,653 per ounce. I am seeing increased demand for physical Gold bullion products. I am on my way to Orlando for the a major rare coin and precious metal convention, and I will have an opportunity to speak with many of my friends...

GOLD Gold reached $1,662 per ounce in overnight Asian trading and when Europe and New York opened, we saw selling that drove down the price to $1,642 per ounce.  At 11am PDT Today, Gold is trading at $1,647 per ounce, down $3.20 per ounce on average volume. SILVER  Silver has been over and under the important $30 per ounce support...

GOLD Late yesterday the minutes of the December Federal Reserve’s Open Market Committee (FOMC) meeting were released. The minutes showed that three governors felt that the latest round of quantitative easing may not be needed past the end of 2013. This news was bullish for the U.S. Dollar, but very bearish for precious metals and the price of Gold dropped...

GOLD Yesterday we finally saw the reaction to precious metals as a result of Tuesday’s Fiscal Cliff legislations, and it was very bullish. Gold was up $13 per ounce on the highest volume of trading I have seen in the past two weeks. Gold did reach $1,695 per ounce yesterday with Japan and China closed for the holiday. Today, in...

GOLD Gold ended 2012 at $1,674.80 per ounce, up 7% or $109.60 per ounce for the year. This is the eleventh year in a row that ended the year higher, with an average annual increase over the past eleven years of 18.16%.  At 8pm PDT last night, the House of Representatives passed compromise legislation (257 to 167) that originated from...

GOLD Gold has traded in a very narrow $8 high/low price range today awaiting news from Washington on settlement of the Fiscal Cliff legislation. At 10:45am PDT today the President announced that Congress is close to an agreement on the primary Fiscal Cliff issues and the Gold market moved up $20 per ounce. At 11am PDT, Gold is trading at...

GOLD Today Gold has traded in a very thin $12 price range, with $1,655 the low, while $1,667 being the high. It appears that the precious metal markets are waiting for a direction from ongoing negotiations in Washington D.C. on the Fiscal Cliff. No Fiscal Cliff agreement or deal by Monday could negatively affect all financial and precious metal markets...