Daily Market Report 03/14/14

GOLD

Most of the direction of the Gold price this past week has been based on the developing news in regard to Secretary of State John Kerry’s discussions with Russia about the Ukraine. Gold reached a high of $1,388 this morning before the release of the news of Kerry’s six hour conversation with Russian Minister Sergey Lavrov in London. Many traders felt this meeting would lead to an improvement in the Crimea situation, so they took profits on their Gold positions ahead of the weekend, and Gold sold down to $1,370. After Kerry’s news conference, which basically said there was no improvement on the Crimea issue, the Gold market rallied back to $1,378.

At 11am PDT today, Gold is trading at $1,378 per ounce, up $6 for the day on above average volume.

SILVER

Silver reached a high of $21.81 when Gold rallied and a low of $21.10 when Gold sold off. At 11am PDT today, Silver is up $0.21, trading at $21.38 per ounce on average volume.