Daily Market Report 02/23/12

GOLD

Up, Up, and away! Gold is up another $12 today on active buying in Asia and Europe. The next resistance level is $1,800 per ounce. At 11am PST, gold is at $1,783.90 per ounce. It looks like yesterday’s 1 million ounce purchase may have come from a Middle East buyer or financial institution.

SILVER

Finally, Silver has shown some strength with a 3.50% rally. Buying, primarily from Asia, drove the market up as Gold broke above $1,780 this morning.  At 11am PST, Silver is up $1.21 per ounce, trading at $35.57 per ounce on good volume.