Gold down during Chinese New Year celebrations

GOLD

I attribute much of this week’s decline in the Gold price to the Chinese New Year celebration as most Chinese businesses are closed the entire week. Since the strength of the Gold market has been from Chinese buying, I see Gold moving higher next week. In overnight trading, Gold reached a low of $1,320 per ounce, before seeing buying in European and U.S. markets. At 11am PST today, Gold is trading at $1,331, down $4 on average volume.

SILVER

Silver reached a low of $16.36 in overnight trading before serious buying appeared. At 11am PST today, Silver is trading at $16.60 per ounce, down $.20 on light volume.