Daily Market Report 11/18/16

GOLD

In Asian trading, Gold reached a low this morning of $1,201.30, a 6-month low after a rally in the U.S. Dollar. Gold quickly rallied back after major buyers appeared. At 11am PDT today, Gold is trading at $1,208 per ounce, down $7 per ounce on large volume.

Gold is a One World Currency

Today, you can’t just look at Gold trading at a 6-month low of $1,203, you need to understand that our currency (U.S. Dollar) has increased 5% versus the Euro and other global currencies in the past 2 weeks. A European/Asian citizen is looking at a Gold increase, relative to their respective currency exchange rates with the U.S. Dollar, during the same two weeks.

The new Sharia Gold Standard is set to be announced on December 6th 2016 at the World Islamic Banking Conference. “Shariah Standard on Gold” will provide “guidance from the Shariah perspective on the usage of Gold in financial and investment transactions for Islamic financial institutions and participants." This announcement is likely to bring millions of new investors into the Gold market. For more details please click on the following link: Islamic Gold – Vital New Dynamic in Physical Gold Market.

SILVER

When Gold reached its low this morning, Silver hit $16.44 per ounce. At that point bargain buyers appeared and the price quickly rallied 20 cents. At 11am PDT today, Silver is down $0.05 per ounce, trading at $16.65 on excellent volume.