Daily Market Report 2/27/15

GOLD

Gold continued its 3 day rally this morning, reaching a high of $1,219.70 per ounce. I am looking for Gold to move above $1,223, which is the short term resistance number. At 11am PST today, Gold is up $5, trading at $1,214 per ounce on average volume.

Technology giant Apple may soon buy up one third of the world’s Gold in order to meet the demands of its highly anticipated Apple Watch. According to estimates, each Apple Gold Watch will contain 2 troy ounces (62.2 grams) of Gold. So, based on the estimated sales figure, the author concludes that Apple will need 746 tons of Gold a year, or about 30% of the world’s annual production. Read the article at: http://www.mintstategold.com/investor-education/apple_gold_demand_for_iwatch/

SILVER

Silver continues to consolidate in the $16.40 to $16.70 per ounce area, but it needs to break above the $17 level to turn short term bullish. At 11am PST today, Silver is trading at $16.60 per ounce, unchanged from yesterday on normal volume.