Daily Market Report 1/15/15

GOLD

Gold reached $1,267 per ounce this morning (a 4-month high) after a surprise move by Switzerland to abandon its 3-year cap on the Franc. This action sent global shares and bond yields into turmoil. The Swiss Central Bank’s move triggered a flight to safety and caused the Euro to drop to under 1.14 Euros to the U.S. Dollar. This helped Gold to rally over $25 per ounce very quickly. The feeling by many traders is that this move by the Swiss confirms that the European Central Bank will start a major quantitative easing (QE) program by month end.

At 11am PST today, Gold is trading at $1,262 per ounce, up $27 per ounce on heavy volume.

SILVER

Silver moved higher this morning right along with Gold, breaking above the $17 per ounce resistance level. At one point this morning Silver was trading at $17.25 per ounce (a 3-month high).

At 11am PST today, Silver is up $0.13 per ounce, trading at $17.06 per ounce on excellent volume.