Daily Market Report 3/17/16

GOLD

After yesterday’s Federal Reserve announcement that it has cut the number of interest rate rises it forecasts for this year, sending the dollar sharply lower and Gold reached $1,260 per ounce. The Fed also lowered its projections for U.S. economic growth, which added more incentive for buying Gold and Silver. Today, Gold continues its rally, moving to a high of $1,271 for seeing short term profit taking. At 11am PDT today, Gold is trading at $1,263, up $23 on excellent volume.

SILVER

Silver moved sharply higher with Gold yesterday afternoon, reaching $15.70 per ounce. Today, Silver continued the rally, briefly reaching $16.06 per ounce before seeing traders take short term profits. At 11am PDT today, Silver is up $0.60, trading at $15.95 per ounce on excellent volume.