Daily Market Report 1/3/17

GOLD

Today it appears that the precious metal markets are doing very well compared to the other commodities, as the U.S. Dollar strengthens in the first trading day of the year. It appears that with the Dollar up about 0.4%, Gold should be down about $5 today. However, with the strong trading today, the world’s default currency (Gold) is starting the year off on a great note. Keep in mind that January 2016 was when Gold bottomed out and was able to close 2016 with almost a 9% gain. This appears to me to be the start of another bullish year for Gold. At 11am PST today, Gold is up $8 per ounce, trading at $1,160 on good volume.

SILVER

In Silver trading we are seeing even stronger gains than Gold. Silver not only was able to go over the $16 level again, but it is holding well above $16 on almost double the normal trading volume I would normally see. These are all great signs to see. Just like Gold in 2016, Silver also had it’s lowest price of the year in January and was still able to provide a 15% gain by year end. Based on the strong demand and the fundamental reasons explained in my weekly market reports, I see this as another excellent year for Silver, too. At 11am PST today, Silver is trading at $16.41, up $0.46 per ounce on average volume.