Daily Market Report 2/5/15

GOLD

Gold continues to build a base in the $1,250 to $1,280 per ounce area. Considering January’s $100 Gold rally from the 2014 lows, this is very healthy for the market. Many of the professional commodity traders I have spoken to this week are aggressively buying Gold on dips. At 11am PST today, Gold is up $1 per ounce, trading at $1,265 per ounce on normal volume.

SILVER

Silver tested the $17 per ounce support level this morning, reaching a low of $16.91 per ounce. At that point buyers appeared and took the price back up to $17.20 very quickly. At 11am PST today, Silver is trading at $17.24 per ounce, down $0.16 per ounce on average volume.