Daily Market Report 2/8/16

GOLD

This morning the equity markets continue to decline as Gold moves higher, up over $35 since Friday’s close. The Gold market is testing its major $1,200 long term resistance level for the first time in eight months. A successful move above $1,200 (the Gold long term resistance level) would bring in serious institutional money. At 11am PST today, Gold is up $38 per ounce, trading at $1,196 per ounce on heavy volume.

SILVER

Silver rallied sharply, moving to a high of $15.47 per ounce on very heavy demand. The short sellers are on the run as fresh buying takes the market to a three month high. At 11am PST today, Silver is trading at $15.40 per ounce, up $0.62 on heavy volume.