Daily Market Report

GOLD Gold trading over the past two weeks is looking very firm. While a trading range of $1,625 to $1,691 seems to be holding, there’s news on the horizon that should cause an upside breakout. Physical demand remains strong in Asia and Europe, as the Chinese plan to install over 2,000 gold ATMs to help satisfy the growing demand. The...

GOLD Off and running again, Gold demand is building in Asia, physical shortages are being reported in Singapore and premiums on bullion coins and bars have increased. At 11am PDT Gold was up $20.40 , trading at $1,681.40 per ounce on excellent volume. Bolivia has joined the club of Central Banks building up their gold reserves, by adding 7 metric...

GOLD In late trading Monday, the gold price reached $1,685 before we saw some light profit taking. Global gold demand is still strong with the market trading overnight in the $1,655 to $1,685 price range. The market sold off this morning on concerns over the Slovakia vote on passage of the Eurozone’s EFSF bailout fund. At 11am PDT gold was...

GOLD German chancellor Angela Merkel and the President of France, Nicolas Sarkozy met this weekend in Berlin. After two days of discussions they finally reached an agreement on most of the key issues. They promised to release a 5 point comprehensive package to stabilize the Euro, and sweeping recapitalization of the European banks by the end of this month. After...

GOLD Early this morning, the Labor Department reported a September increase of 103,000 in non-farm jobs. The increase was larger than the 59,000 gain expected by Wall Street economists. The Stock Market, U.S. Dollar, Oil, Gold and Silver were all trading higher, then the Fitch Agency downgraded the debt of Italy and Spain and everything went south quickly. To see...

GOLD QE (Quantitative Easing) is in the news today as both the Bank of England and the ECB announce sizeable quantitative easing programs to re-capitalize banks. The programs are very similar to the U.S. TARP program of 2008, to build up the financial strength of the banks ahead of any major debt default. The announcements pushed gold up $8.10 per...

GOLD There’s a Bull/Bear war occurring on the world’s commodity exchanges, and after hitting $1,595 per ounce in Asia, trading gold appears to have found support and increased demand. Gold’s inverse relationship with the equity markets appears to have changed, and fresh news about the Eurozone debt crisis (See below) that’s interpreted as positive for stocks and bonds, now can...

GOLD At 11am PDT Gold is trading at $1,616.80 per ounce, down $35.90 per ounce in heavy trading, wiping out yesterday’s gains. The strength of the dollar and liquidations due to equity margin calls added to the downside pressures. On the bullish side, Goldman Sachs continues to recommend long trading positions in gold and reiterate our 12-month price target of...

GOLD Gold is trading higher today, for the third day in a row. Most of the news that drove gold higher was centered around the Greek debt crisis. This morning Greece warned that it would miss the deficit targets set by the IMF and ECU required to avoid bankruptcy. European buyers sold equities on the domestic markets and moved into...

GOLD At 11am PDT Gold is trading at $1,628.60 per ounce, up $11.20 on light Friday trading.The High/Low range today is only $24.00 per ounce. This shows some price stability in the Gold market, however this is low volume Friday, and I would like to continue seeing less volatility in Monday’s trading. Central bankers are taking advantage of lower Gold...