Daily Market Report 11/5/14

GOLD

After last night’s election results it is clear that the Republicans will take control of the House of Representatives, the Senate, and the direction of the U.S. economy. Many traders and economists believe that Republicans will be better for U.S. economic growth and for businesses. The U.S. Dollar moved sharply higher and hit a four-year high overnight. A stronger U.S. dollar ($1.22 to the Euro, and 84 Japanese Yen to the Dollar) is putting pressure on precious metals. The price of Gold fell to $1,137 per ounce in overnight Asian trading before rallying. At that price, demand and trading volume picked up and Gold rallied $10.

At 11am PST today, Gold is trading at $1,147 per ounce, down $21 on excellent volume.

SILVER

Silver reached a low of $15.14 per ounce this morning before sizeable buyers came into the market, rallying it back very quickly above $15.50 on excellent trading volume.

At 11am PST today, Silver is down $0.50, trading at $15.55 per ounce on excellent volume.