Daily Market Report 2/12/16

GOLD

Yesterday, the CME exchange trading volume for April 100-ounce Gold contract (the most active month) was 366,882 contracts (36,688,200 ounces). This is the highest amount of Gold traded in one session on the CME since August of 2013. This happened on the same day it was stated that S&P equities have lost $2 trillion in value since the beginning of 2016. The trend of lower equity prices on the world’s stock exchanges and higher Gold/Silver prices continues. After a $60 increase yesterday, Gold is seeing some light short term profit taking. At 11am PST today, Gold is trading at $1,238 per ounce, down $10 on average Friday volume.

SILVER

Silver is holding yesterday’s rally better than Gold. Silver showed excellent support at the $15.65 per ounce level this morning in Asian trading. At 11am PST today, Silver is up $0.02, trading at $15.76 per ounce on good volume.