Daily Market Report 1/6/16

GOLD

Gold continues its rally, reaching a high this morning of $1,093 per ounce before seeing some professional traders taking short term profits. However, after the short term profit taking, Gold rebounded and is continuing to go back up. Today’s high represents a $34 increase in the Gold price since the beginning of the year. At 11am PDT today, Gold is trading at $1,094, up $15 on high volume.

SILVER

Silver is having a difficult time staying above the key $14 per ounce level. Silver has been rallying this morning, reaching the $14.20 area, but heavy selling appeared and drove the price below $14 temporarily. In the face of a strong Gold market it is hard to think that this selling will continue and I’m happy to see Silver rebounding so quickly. At 11am PDT today, Silver is up $.07, trading at $14.06 on average volume.