Daily Market Report 2/29/16

GOLD

This morning the bargain Gold buyers and professional traders came back. The Gold price started moving higher in Asia and continued through Europe and the U.S., reaching a high of $1,236 per ounce. Worldwide physical demand for Gold remains strong from central banks to private investors aggressively buying. At 11am PST today, Gold is trading at $1,232, up $10 on good volume.

SILVER

Considering the nice rally in Gold, Silver was disappointing as it was unable to reach the $15 resistance level, only reaching $14.94 per ounce before sellers appeared. If the Gold price stays strong, I am hoping that Silver’s trading volume will pick up this week and the price will move back above the key $15 level. At 11am PST today, Silver is up $0.15 per ounce, trading at $14.85 on average volume.