Daily Market Report 11/23/16

GOLD

Like I have shared numerous times, Gold is a world currency. Global economic news combined with exchange rates has a major bearing on the Gold price worldwide. Gold investors and Central banks around the world are looking at a major increase in the value of Gold and are aggressively buying. While Americans are benefiting from a strong U.S. Dollar, they are being offered an opportunity of a lifetime to purchase Gold at a low price.

This morning the October U.S. Durable Goods report showed an increase of 1.7%. This news caused a collapse in the Chinese Yuan and Euro, while bond yields surged because of the likelihood of the Federal Reserve raising interest rates in December. The U.S. Dollar hit the highest value since 2003 causing Gold to quickly drop 2%, as 50,000 Gold future contracts are dumped on the market.

At 11am PDT today, Gold is trading at $1,190 per ounce, down $23 on active volume.

SILVER

Silver reached a low of $16.15 per ounce on the Dollar’s strength, then quickly rallied $0.25 on bargain buying. At 11am PDT today, Silver is trading at $16.40 per ounce, down $0.28 on active volume.