Daily Market Report 2/6/15

GOLD

A combination of a strong U.S. Jobs report (257,000 new jobs in January), a drop in Chinese Gold consumption for the last quarter of 2014, and a strong U.S. Dollar versus the Euro, caused Gold to drop today. This morning Gold fell to $1,228 before finding major support. Today’s decline came with the highest CME trading volume for the week. At the current price I believe that Asian Gold buyers will be very aggressive on Monday. At 11am PST today, Gold is trading at $1,236, down $29 per ounce on heavy trading volume.

SILVER

Silver followed Gold lower this morning reaching a low of $16.54 per ounce. Silver at today’s price is an extraordinary investment value. At 11am PST today, Silver is down $0.60 per ounce, trading at $16.64 per ounce on high volume.