Daily Market Report

GOLDWith the New York Stock Exchange’s DJIA down over 330 points since last Friday and dramatic selloff in the world’s equity markets, we are starting to see a run to the only true safe haven investment, PHYSICAL GOLD. Gold has traded today from $1,608 per ounce on the low to $1,623 per ounce on the high, a very narrow trading...

GOLDWith the U.S. Stock Market (DJIA) down over 200 points and U.S. interest rates trading at historic lows, Gold has broken out above the $1,600 per ounce resistance level. Market Analysts are saying that today’s $60 increase in the price of Gold is due to the Labor Department’s disappointing report on May jobs, only adding 69,000 new jobs, while economists...

GOLDFresh negative U.S. economic news added to the ongoing Euro-zone problems keeping Gold in a narrow trading range today. Gold showed excellent support at $1,551 per ounce today, while having resistance at $1,574 per ounce. Today’s negative U.S. economic announcement is leading to a fresh call for more quantitative easing (QE) by many economists. At 11am PDT, Gold is trading...

GOLDThe Gold price is reluctant to go lower. With the U.S. Dollar rallying to under $1.24 to the Euro, and the 10 year U.S. Treasury notes hitting a record low of 1.64%, plus equities and energy markets dropping, Gold still refuses to go lower. Gold did test the $1,530 price level, for the fifth time since September 2011, earlier this...

GOLDDuring the long holiday weekend Gold traded up to $1,584.50 on fresh buying before this morning’s statement by Bankia Bank, Spain’s third largest bank, saying that troubled Spanish banks may need as much as 100 billion Euros to deal with the current debt crisis. After that statement the Euro dropped versus the U.S. Dollar and Gold fell $30 before rallying...

GOLDGold is ending the week in the $1,550 to $1,570 price range. As we go into this long holiday weekend most precious metal professionals and analysts are looking to Europe for direction. Euro-zone ministers need to stabilize the sovereign debt problem and stop the capital flight from the Euro. The latest idea is to establish a Euro Bond Redemption Fund...

GOLDIf you think the market trading price for gold looks like a yo-yo, you would be right. The lack of any realistic direction or decision coming from the recent Euro-zone summit in Brussels has caused this problem. Gold is hovering around $1,560 an ounce today as analysts show concern about Greece and the Euro-zone continued to dominate market sentiment after...

GOLDThe value of Gold, world equities, oil and the Euro are down today based on the news coming out of Greece. 27 countries are meeting at the much-anticipated European summit in Brussels to discuss their debt crisis and what will happen with Greece. Overnight comments coming out of Greece about their possible exit from the Euro-zone have driven down the...

GOLDWhile the euro-zone nations try to figure out how they are going to handle the Greece and Spain problem the Gold market is trading in a very narrow price range. The low/high range on Gold for the past 24 hours has been $1,575 to $1,591 per ounce. A move back above the important $1,600 resistance level by month end would...

GOLDGold hit the key $1,600 per ounce resistances level this morning in Europe before we saw selling. The news out of last week’s G-8 meetings wasn’t surprising and no firm direction for short term gold prices resulted. At 11am PDT, Gold is up $2.40 per ounce, trading at $1,590.60 per ounce on high volume.  In the minutes of the Federal...