Daily Market Report 3/7/17

GOLD

This morning it was announced that the January 2017 U.S. trade deficit jumped to a five-year high on imports. This announcement is long term bullish for precious metals, as it weakens the value of the U.S. Dollar. Right now, however, we are ending a short-term correction. At 11am PST today, Gold is trading at $1,218 per ounce, down $10 on normal volume.

SILVER

Today Silver reached a low of $17.46 per ounce when Gold broke below $1,220. There should be excellent price support around $17.50 per ounce. At 11am PST today, Silver is down $0.30 per ounce, trading at $17.54 on average volume.