Daily Market Report 11/13/13

GOLD

A strong U.S. Dollar versus the Euro has been putting pressure on the price of Gold recently. Recent positive U.S. economic news, plus lower interest rates in the Eurozone countries, has taken the Euro/Dollar exchange rate from $1.38 to $1.34 within the past three weeks. Gold is trading in a narrow range today after reaching a low of $1,265 this morning before turning around. The financial markets are waiting to hear what Janet Yellen says tomorrow at her congressional confirmation hearing. At 11am PDT today, Gold is trading at $1,271 per ounce, down $2 per ounce on light volume.

SILVER

Silver has traded between $20.43 and $20.90 today with light volume. Silver’s percentage decline was surprisingly higher than gold. $20 per ounce should be a major long term support level. At 11am PDT today, Silver is down $0.26 per ounce, trading at $20.54 per ounce on light volume.

RARE COINS

Last night Christie’s Auction house sold $691 million worth of collectible art, a record high. The demand for scarce high value collectibles isn’t just happening in rare coins, but classic auto, antiques, and many other investment quality collectibles (investibles). These are in great demand from wealth investors wanting to get out of paper money.