Daily Market Report 1/31/17

GOLD

It’s been an exciting day today with the value of the U.S. Dollar dropping almost 1%, a sizeable increase in the Gold ETF (Paper Gold) mutual funds, and concerns about Trump’s policy statements on currency devaluations. Gold immediately broke above the $1,200 resistance level and kept on going, reaching $1,215 per ounce, before seeing some light profit taking. At 11am PST today, Gold is trading at $1,211 per ounce, up $16 on excellent volume.

SILVER

With a base firmly established above the key $17 per ounce support level, today Silver took its first move towards $18. Today, Silver reached a new 2017 high of $17.61 per ounce on heavy volume. At 11am PST today, Silver is up $0.37 per ounce, trading at $17.51 on strong volume.