Daily Market Report

GOLDGold closed today at $1,408, down $2.50, breaking the eight day streak of higher prices. Taking direction from Libyan news, volume was very healthy oversees and in New York trading. Bloomberg surveyed 20 Gold traders, investors and analysts. The survey found that 80 percent (16 out of 20) said the metal will rise next week, and 4 predicted lower prices...

GOLDIt would be very healthy for the future of the Gold price if it could just stabilize in the $1,400 to $1,420 for a couple weeks. However, with the potential explosive developments in the Middle East and North Africa it may not be possible.  However, Gold did close today at $1,411.50 up $1.50 and the eighth day in a row...

GOLDGold climbed for the seventh straight session closing at $1,410, up another $9, as it continues to be boosted by geopolitical factors, inflationary numbers, and the return of Gold to the safe haven status. This continued rally in Gold, fueled by news from Libya and higher Oil prices, is in the face of a major rally in the U.S. Dollar...

GOLD From last Friday’s closing price, Gold was up $13.50 today, closing at $1401.10, on very heavy volume. This is above the very important psychological level $1,400. At the top of the news effecting Gold and crude oil prices is the ongoing protests in Libya.  Libya exports some 1.1 million barrels of crude a day from a production of 1.6...

Another very active day in the precious metal markets. Gold closed at $1,387.50, up $4 on continued Middle East concerns on the report of Iranian warships traveling through the Suez Canal on their way to the Mediterranean. Gold continues to maintain a flight-to-safety bid amid the uncertainty in the Middle East, A report from Jeff Toshima, Tokyo director of the...

The news of continued Middle East and North Africa protests in Algeria, Bahrain, Yemen, Syria, Libya, Oman, and Iran, have increased demand for all precious metals. The World Gold Council (WGC) said today that Gold demand for 2010 reached a ten year high, with demand hitting 3,812.2 tonnes, worth approximately US$150 billion. WGC also stated that the changes in central...

GOLD Today Gold traded actively in a narrow price range. Gold opened virtually unchanged, then traded down $5 on little news. After news was released of January’s U.S. wholesale price information up 0.8%, the largest increase since October 2008, and news of two Iranian warships going through the Suez Canal on their way to Syria, the gold market jumped up. ...

SILVER Silver closed at $30.71, up $0.18 for the day in active trading. Today’s silver increase was helped by the release of U.S. Commodity Futures Trading Commission data which showed last week there was a substantial increase in demand on the NYMEX. Silver should reach its recent high of $31.22 shortly, which should act as a short term resistance level...

Precious Metal Market trading was very active today with Silver taking the lead up 53 cents to $30.53. Gold recovered from earlier lows closing at $1,365.10, up $4.70.  The news of continued Middle East protests in Algeria, Bahrain, and Yemen, plus the release of the Obama $3.7 Trillion budget, which forecasts deficits for 2011 at $1.6 trillion and $1.1 trillion...

Today’s announcement of the removal of Mubarak as Egypt’s President did not have any dramatic effect on the precious metal markets.  Gold prices initially traded lower on the announcement but rallied back to over $1,360, caused by the uncertainty for Egypt and the Middle East in the coming months. Gold closed at $1,359.20, down $1.30 for the day on good volume...