Daily Market Report 11/7/14

GOLD

I REALLY LIKE THE WAY GOLD TRADED TODAY

After reaching a 4 year record low of $1,130 per ounce in early Asian trading, Gold found serious buyers and the price quickly rallied $30. The rally kept on going, reaching a high of $1,171 per ounce on the CME with heavy trading volume, especially for a Friday. If the price holds above $1,160 on Monday, confirming the Intra-Day reversal I have been hoping for, this would signal the bottom of the recent decline, and the start of a major move higher.

What’s really amazing about today’s Gold rally is that the U.S. Dollar hit a record high of $1.21 to the Euro, and Gold still moved $30 higher. The rise in the U.S. Dollar value was due to the announcement that the U.S. economy added 214,000 jobs in October, lowering the unemployment rate to 5.8%.

At 11am PDT tday, Gold is trading at $1,171 per ounce, up $27 on over 277,000 CME hundred-ounce Gold contracts (27,700,000 ounces). That is an extraordinarily high volume for Friday trading.

SILVER

Silver hit a major multi-year low of $15.04 this morning before turning higher on excellent volume. Silver, like Gold, also rallied sharply, hitting $15.88 per ounce on large trading volume. At 11am PDT today, Silver is up $0.26, trading at $15.73 per ounce on high volume.