Daily Market Report 11/11/16

GOLD

Since Tuesday night when Gold reached a high of $1,355 the price has sold off dramatically. What happened? Some One or some Nation has sold over $10 billion worth of future contracts (85,000 contracts) into the world’s commodity markets in the past three days. Many nations are replacing their Dollar holdings by building their Gold reserves. One of these countries, or a large financial institution, may have felt they needed to stop a run-away Gold price, so they sold $10 billion worth of Gold futures.

This is only a temporary setback in Gold’s bullish move higher and a major buying opportunity for investors. Many precious metal dealers around the globe are reporting heavy demand for physical Gold, Silver, and Platinum investment products. Many of the European dealers are sold out and are accepting back-orders for a week or more.

At 11am PDT today, Gold is trading at $1,223, down $44 per ounce on heavy volume.

SILVER

Silver was hit harder than Gold this morning, reaching a low of $17.18 per ounce. Silver has major support at $17 per ounce, and currently has resistance at $18. At 11am PDT today, Silver is down $1.50 per ounce, trading at $17.25 on very heavy volume.