Daily Market Report 02/24/12

GOLD

Today, Gold saw a little consolidation after a $60 up move this week. At 11am PST, Gold is trading at $1,776.20 per ounce, down $6.70 for the day with light weekend type volume.

China’s domestic gold jewelry consumption increased to 456.66 metric tons in 2011, a growth of 27.9% over 2010. According to China Gold Council, domestic investment-oriented gold consumption (gold bars and coins) increased 48% to 234.65 metric tons over the same period. However, the WGC said sales of gold bars and coins for investment rose 69% in 2011 to 258.9 tonnes.

SILVER

I am very impressed with the Silver market trading today. With a minor sell off in gold, reaching $1,771 earlier this morning, silver refused to drop below $35.19 per ounce. If $35 can hold as the next support level this coming week for Silver, it would be very bullish.  At 11am PST, Silver is trading at $35.32, down $0.25 on light weekend type volume. Not a bad week for silver investors, up $1.11 or 3.3% in four trading days.