Daily Market Report 2/23/16

GOLD

After the Gold price showed excellent strength and demand yesterday, holding above the $1,200 per ounce support level, the buyers came back today. Today we are seeing major Gold demand from bullion funds and ETF’s. The very popular SPDR Gold Shares, a physical ETF with a trading symbol of GLD, has added over 110 tonnes of Gold (3 ½ million ounces) to its depository since the beginning of the year. At 11am PST today, Gold is trading at $1,221, up $11 per ounce on excellent volume.

SILVER

Silver reached a low of $15.14 in early trading as supplies vanished and buyers appeared. It’s very positive for the long term to see the Silver price continue to consolidate above the $15 per ounce support level. At 11am PST today, Silver is up $0.03, trading at $15.23 per ounce on average volume.