Daily Market Report 11/10/16

GOLD

Over the past two days the trading volume in Gold/Silver equities, options, futures and physical products has been extraordinarily high. I haven’t seen this much price volatility in precious metal markets in years. While many investors are buying at a record pace, there are major players selling into the market to temporarily hold the prices down. I look for Gold/Silver to move much higher very soon. At 11am PDT today, Gold is trading at $1,267.50 per ounce, down $9.50 per ounce on heavy volume.

SILVER

Silver is holding better than Gold. Silver has shown excellent support at $18.40 and resistance at $19 per ounce. While the physical Silver and futures are acting positive, the Silver equities are getting hit, many down over 8% just today. At 11am PDT today, Silver is up $0.20, trading at $18.75 per ounce on high volume.