Daily Market Report

GOLD Weakness in the Euro today has driven up the value of the U.S. Dollar and a stronger Dollar is negative for Gold. Therefore, today we finally saw a short term correction in the price of Gold. Gold briefly broke down below the key $1,750 support level, reaching $1,735 per ounce at one point this morning before major professional buying...

GOLD Gold rallied this morning based on reports of increasing physical demand for Gold and a press release from the IMF reporting new central bank buying of Gold in July and August. In India we are looking for strong Gold demand as the festival of Diwali approaches on November 13th.  At 11am PDT Today, Gold is up $2.30, trading at...

GOLD Gold prices fell early this morning in Asian trading. Talk that France and Germany are at odds as to when the currency zone should centralize banking supervision sent the precious metal falling amid profit taking. Germany is hoping to delay giving the European Central Bank more power to oversee the Eurozone’s financial institutions. Earlier this morning Gold dropped to...

GOLD This morning there are creditable reports of a serious new proposal coming from the ECB to resolve Spain’s debt problem. This news has caused the US Dollar to fall in value versus the Euro and Gold and Silver to rally sharply. Gold reached $1,790 on heavy volume of trading based on this news before we saw resistance and short...

GOLD Today, Japan became the fifth country and/or central bank to announce a fresh round of monetary stimulus (QE). I expect more countries to join the bandwagon along with England, Europe, China and the United States. Currency debasement is contiguous and will continue to spread as the price of Gold/Silver valued in these currencies will set new all-time highs again...

GOLD The Bank of Japan this morning announced that it will increase its asset buying and loan program by 10 trillion yen ($127 billion). Central bank accommodation is generally viewed as supportive of Gold because it devalues paper currencies and leads to future inflation. Its move also comes on the heels of recent major monetary easing announcements by the US...

GOLD According to many professional commodity traders we are seeing healthy consolidation or a short breather for Gold under $1,780 per ounce during a major bull market move. The feeling is that Gold should break above the 2012 highs of $1,790 and hit the resistance level of $1,800 per ounce by month end. At 11am PDT, Gold is trading at...

GOLD With the Jewish Holiday (Rosh Hashanah) and the recent run on Gold last week, we are seeing a slight profit-taking-day today on lower than normal volume. I would expect to see more action later this week, but even with the profit taking, Gold is holding strong above the $1,760 level. At 11am PST Gold is trading at $1,762.40, down...

GOLD Gold is making a major bull move, and the next minor resistance level is $1,790 (the 2012 high), with major psychological resistance at $1,800. We should have excellent support at $1,735. Due to the Federal Reserve’s concern over the jobs market and unemployment, and banks lack of eagerness to lend money (banks are sitting on $1.6 trillion in reserves...

GOLD The Gold market surged higher in the immediate aftermath of the FOMC announcement that the Federal Reserve has embarked upon more quantitative easing of U.S. monetary policy--nicknamed QE3. It looks that we have now passed the $1,760 price barrier on strong trading. Next stop $1,800! The price of bullion has risen more than 4 percent so far this month...