Daily Market Report

GOLDGold was up $9.80 for the day, closing at $1,515.60 on active trading. After the recent correction in Gold from the high of $1,577 to the intra-day low of $1,462, it’s important that Gold build the base in the $1,500 to $1,525 price range.  Although Silver took the wind out of Gold’s sails last week, the long term picture continues...

GOLDGold, in very active trading closed at $1,505.80, up $20.80 on the day. Last week’s correction in gold was definitely an over-reaction to Silver’s 27% decline. The fundamentals for Gold’s continued bull market move higher are far better than the more volatile Silver market. This morning, Asian trading had major buying on heavy volume in their Gold markets.  The recent...

GOLDGold closed today at $1,485, up $3 on the day, however in the past 24 hours gold has traded from $1,462.50 to $1,497.70. It is widely felt by precious metal professionals that yesterday’s dramatic drop in the Gold price was overdone, and we saw heavy buying in the $1,480 area in Asia overnight.  There is a commodity trader’s expression referring...

GOLDGold closed down $32.00 today at $1,482 as the entire precious metals group, led by Silver, was down on panic selling caused by margin calls and stop loss selling. I believe this selloff is the clean-out of the weak hands by the hedge funds and commodity houses, before the next leg higher. I saw the identical type of action back...

GOLDThis week we have seen gold drop from its May 2nd closing high of $1,557.50 to today’s close of $1,514.00 (less than a  3% drop) while we have seen Silver correct almost 20% in just five trading days.  For the past month I have talked about the high volatility and risks in Silver. Yes, you need to own Silver as...

GOLDGold closed at $1,542.60, down $14.90 in light trading as the Gold price stabilizes and shows excellent support at the $1,520 level.  Sunday night’s Gold trading in Asia showed extraordinary demand and renewed buying under the $1,540 level. The volume of trading was less than a 2% drop from the previous close.   I still see Gold breaking above $1,600 by...

Last night we saw demonstrations reacting to the killing of Osama Bin Laden. They were cheering USA, USA, USA in front of the White House and Ground Zero, while World Government leaders were concerned about the backlash and counter protests  Within minutes of the news announcement, the market received orders to BUY USA DOLLARS AND SELL PRECIOUS METALS. This extraordinary...

GOLDGold  continues to set all times highs closing at $1,542, up $15.40 for the day on active trading. SILVERSilver increased $.30 today to $48.80 per ounce on volatile trading with heavy volume. Over the past two weeks a trend is becoming clear, as gold and silver continues to set new highs, investors are running away from paper precious metal assets. ...

GOLDGold closed at $1,529.80, up $13.60 on very active trading, reaching $1,539.50 at one point today.Yesterday’s Bernanke press conference gave more fuel for higher asset prices, leading to a rally in the US stock markets and a new 16 month low for the U.S. Dollar. After the conference, Silver rallied $2.00 and we saw a new record high for Gold...

GOLDGold closed today at $1,516.20, up $14.50 for the day on heavy volume. SILVERSilver also traded amidst heavy volume and closed at $46.10, up a net $ .86 cents on the day.   We are awaiting the Bernanke statement and after Bernanke speaks today we expect to see volatility in the market. I’m at the CNSA Coin Convention in Chicago...