Daily Market Report 3/3/17

GOLD

Fed Chairwoman Janet Yellen gave a clear indication that interest rates would likely increase this month. This, and equity markets around the world increasing, caused Gold to hit $1,223 per ounce. The price of Gold is trading above the key 100-day moving average of $1,218 per ounce, and above the $1,220 area, where Wall Street traders last purchased a sizeable amount of Gold. At 11am PST today, Gold is trading at $1,228 per ounce, down $7 on excellent volume.

SILVER

Silver hit a low of $17.61 per ounce this morning, and the bargain buyers came running in. After this week’s sell-off, I believe Silver will quickly move back above the key $18 per ounce level next week. At 11am PST today, Silver is down $0.02 per ounce, trading at $17.78 on excellent volume.