Daily Market Report 03/06/14

GOLD

Gold rose today as diplomatic efforts in the Ukraine increase safe haven demand for precious metals. The U.S. nonfarm payroll figures are due out tomorrow, which should help gauge the strength of the labor and the implications for the pace of the Federal Reserve’s stimulus reduction.

Gold is making another attempt to break and stay above the key $1,350 per ounce resistance level today. At 11am PDT today, Gold is up $11, trading at $1,351 per ounce on better than average volume.

Manipulating the Gold Price?

Five banks at the center of London’s Gold trade have been sued in New York for manipulating prices, in the latest accusation of fraudulent collusion in the global finance hub. A class-action suit was filed by US Gold futures and options trader Kevin Maher against Bank of Nova Scotia, Barclays Bank, Deutsche Bank, HSBC, and Societe Generale, all involved in setting the London Gold Fix, a twice-daily benchmark price used as a reference for trade in Gold and Gold derivatives.

SILVER

Silver continues to test the $21 per ounce support level, reaching $21.06 earlier this morning. At that point, Silver found fresh buying and quickly rallied $0.20. At 11am PDT Today, Silver is trading at $21.52 per ounce, up $0.27 per ounce.