Daily Market Report 3/3/15

GOLD

What does it mean when the U.S. Nasdaq Index and Dow Jones Industrial Average closed at a 15-year all-time high yesterday? I believe it means that big money thinks that our economy will be at full throttle within the next year; an excellent climate for precious metals. Gold continues to test the $1,200 support level today, reaching a low of $1,195 in early Asian trading. At 11am PST today, Gold is down $4, trading at $1,205 per ounce on normal volume.

SILVER

Silver tested the very important $16 per ounce support level this morning and held, reaching a low of $16.06 before finding serious buying. At 11am PST today, Silver is trading at $16.28, down $0.20 per ounce on average trading volume.