Daily Market Report 2/18/14

GOLD

Gold continued its rally over the holiday weekend in Asia and Europe. Physical demand for Gold in 2013 was off the charts (see World Gold Council report) around the globe. At 11am PDT today, Gold is trading at $1.324 per ounce, up $7 from last Friday on excellent volume.

World Gold Council releases 2013 Gold Demand Numbers

The World Gold Council just released its 2013 Gold Demand report showing that 2013 saw the largest volume increase in jewelry demand in 16 years as consumers across the globe reacted to lower Gold prices. Full year demand was 2,209.5 tonnes, 17% above 2012 and the highest level since the onset of the 2008 financial crisis. These facts and many more are available in the World Gold Council report. Visit 2013 Gold Demand to read more.

SILVER

Silver continues to show better price performance than Gold. Silver reached $21.96 this morning on excellent volume before seeing some short term profit taking. I would like to see Silver consolidate its current gains and stay between $21 and $22 for at least the balance of the week. This would allow for professional traders and chartists to open new long positions.

At 11am PDT today, Silver is up $0.58 per ounce, trading at $21.90 per ounce on excellent volume.