Daily Market Report 2/11/14

GOLD

Today, Gold rallied to $1,293 per ounce, the highest level since Nov. 14th 2013, and its highest price for 2014. Next stop is $1,300 per ounce and if/when that happens, many of the professional commodity traders will turn bullish. At 11am PDT today, Gold is trading at $1,290 per ounce, up $16 on excellent volume.

China’s Gold consumption jumped 41% last year to exceed 1,000 tonnes for the first time, the China Gold Association said yesterday, as a sharp slide in prices attracted buyers for jewelry and bullion. The demand surge has helped China become the No. 1 Gold consumer and should support prices. Gold consumption in China grew to 1,176.40 tonnes last year, with jewelry demand climbing 43% to 716.50 tonnes and bullion demand soaring 57% to 375.73 tonnes.

SILVER

Silver isn’t taking direction from Gold today. With Gold up $16 (1.20%), Silver has only moved up $0.10 (.48%). This is very disappointing, as I need to see Silver move higher at a similar percentage. At 11am PDT today, Silver is trading at $20.20 per ounce, up $.10 on normal volume.