Daily Market Report

GOLDGold keeps moving upward! After hitting $1,526.70 per ounce (a five month low) on Wednesday with 253,181 contracts being traded on the CME the buyers and volume have returned. At 11am PDT, Gold is up $15.40, trading at $1,588.20 per ounce on excellent volume. After all the negative news this week it appears that Gold will end the week higher...

GOLDFinally, some bullish Gold news today, which has driven up the value (see below.) Yesterday, the market action clearly showed that the Gold market was oversold, with a volume of 253,181 CME June Gold contracts traded and reaching a low $1,526 per ounce, closing at $1,536, holding above the $1,535 key support level. Yesterday’s big question was, are we going...

GOLDConcerns about the ill-liquidity of Greek banks and the possibility of Greece leaving the Euro-Zone and going back to the Drachma is driving depositors to line up to withdraw their money in the form of Euro or U.S. Dollars. Many of the Greek banks are selling their Gold reserves to acquire needed U.S. Dollars and this is causing the price...

GOLDGold is showing excellent support at the $1,550 per ounce price level. Although we have seen heavy selling coming out of the European banks to raise their currency reserves, the buying from Asia at the current low prices has provided the incentive to make sizeable purchases. With the IMF’s Gold purchases (see below) the pressure to sell Gold from insolvent...

GOLDGold dropped $25 per ounce on the opening based on negative news from the Euro-zone and a very strong U.S. Dollar versus the Euro. After the initial price drop, Gold demand appeared and Gold rallied up $10 per ounce. Gold has been in a surprisingly narrow $12 trading range from $1554 to $1566 with active trading. At 11am PDT, Gold...

GOLDThe value of the U.S. Dollar versus the Euro is up for the 11th day in a row, based on the Spanish bank reforms and other Euro-zone sovereign debt problems.  A stronger U.S. Dollar means a lower Gold price as measured in the U.S. currency.  Earlier this morning, we saw Gold reach $1,572 per ounce (a four month low) based...

GOLDIn the past 24 hours, Gold has traded from $1,585 to $1,602 per ounce on normal volume. I am concerned that unless Gold can rally above the $1,600 price level by next Monday, that level will start to act as a resistance. Gold is finding more and more support on down days; I am not sure if its sovereign buying...

GOLDWhat a day yesterday and today was in the Gold pit. Volume today is almost double what a normal day would be and the excitement when Gold dropped below $1,600 was off the charts. Considering the strength of the U.S. Dollar and the problems in Europe, it isn’t surprising to see Gold make a new yearly low of $1,577.40, but...

GOLDIn Greece, New Democracy, the country’s mainstream center-right party, has declared that it will not be able to form a government. This has caused instability within the Euro-zone nations and the euro has fallen versus the U.S. Dollar. As the U.S. Dollar moves higher in value against other currencies, it drives down the value of Gold and Silver. Therefore we...

GOLDGold declined on Monday based on political upheaval in France and Greece leading to a weaker euro (stronger U.S. Dollar) and softer commodity markets. At 11am PDT, Gold is trading at $1,639.60, down $4.90 per ounce on very active volume.  Why is the new French President bullish for Gold and Silver prices?The new French President, Francois Hollande (a socialist) has...