Daily Market Report 2/13/14

GOLD

Today was Gold’s second attempt to break above the key long term resistance level of $1,300. It reached $1,302.60 for today’s high, trading actively between $1,295 and $1,302 on short term profit takings, but closing strong.

At 11am PDT today, Gold is trading at $1,300.50 per ounce, up $10 per ounce on good volume.

The issue of what China is planning to do with all the gold it has been accumulating was written about in my new Gold Booklet. Now Dhara Ranasinghe, a senior writer for CNBC, is discussing it in an article published yesterday. (see www.mintstategold.com/chinagold )

SILVER

Silver’s price performance continues to disappoint me. With Gold around the $1,300 per ounce level, Silver should be trading at least $0.50 higher. Hopefully, traders will recognize great value and start bidding up the market. At 11am PDT today, Silver is trading at $20.42, up $0.07 per ounce on average volume.