Daily Market Report 2/2/15

GOLD

Gold has traded between $1,266 and $1,283 per ounce today. The Gold price is establishing an excellent base above the key $1,250 per ounce support level. After speaking with many professional traders and looking at the extraordinary demand, I feel Gold will break back above the $1,300 per ounce resistance level very soon. After a short period of consolidation above $1,300 per ounce, I think Gold will then move forward to our short term goal of $1,400 by month end.

At 11am PST today, Gold is trading at $1,279 per ounce, up $3 per ounce on excellent volume.

SILVER

Silver is showing excellent strength today above $17.00 per ounce. Physical demand for Silver continues to grow worldwide and some shortages of supplies are being reported in Asian markets.

At 11am PST today, Silver is up $0.10, trading at $17.25 per ounce on good volume.