Daily Market Report 2/21/14

GOLD

Gold is trading in a tight $9 per ounce price range today from $1,316 to $1,325 per ounce. I am seeing great and very healthy consolidation after the recent $70 sharp rally. At 11am PDT today, Gold is trading at $1,323 per ounce, up $6 per ounce on average Friday volume.

Gold Continues to Move from West to East

Switzerland sent more than 80% of its Gold and Silver bullion and coin exports to Asia last month, the Swiss Federal Customs Administration said today in an e-mailed report. It imported most of its Gold and Silver from the U.K.

Hong Kong was the top destination for Swiss Gold at 44% on a value basis, with India at 14%, the Swiss customs agency said in its first breakdown of the Gold trade data since 1980. Singapore accounted for 8.6% of exports, the United Arab Emirates 7.9% and China 6.3%.

SILVER

Silver tested the $22 per ounce resistance level this morning and wasn’t able to break through. It continues to show excellent support around $21.50 per ounce, and we should see another attempt to break $22 next week. At 11am PDT today, Silver is trading at $21.86 per ounce up $0.21 per ounce on average volume.