Daily Market Report 11/14/12

GOLD

Today’s Gold rally is in the face of a U.S. Dollar reaching a two-month high versus the Euro, British Pound and Swiss Franc, hitting $1.26 to the Euro. The short term resistance level for Gold is $1,735 per ounce, however we hit that level earlier today and quickly sold back to $1,725 per ounce. At 11am PDT today, Gold is up $3.20 per ounce, trading at $1,730.60 per ounce on normal volume.

DEUTSCHE BANK LIKES GOLD

“Gold will probably rally to a record above $2,000 an ounce next year as central banks ramp up stimulus to sustain the recovery,” according to Raymond Key, London-based global head of metals trading at Deutsche Bank AG. “We’ll take out $2,000, we’ll go higher,” Key said in an interview in Hong Kong, where he attended the London Bullion Market Association’s annual conference. “That’s on the view that they’ll continue to print money.”  

PHYSICAL DEMAND FOR GOLD IN CHINA KEEPS GROWING

Mainland China’s Gold imports from Hong Kong advanced by 30% month-on-month to 69.7 tons in September this year, as per the latest figures released by Hong Kong Census and Statistics Department. China imports are on a record pace with a total of 582 tons of Gold in the first nine months of this year, 4.3% higher than the official estimate of 558 tons.

SILVER

Based on optimism over a Congressional settlement of the Fiscal Cliff crisis, Silver rallied today. Earlier this morning, Silver rallied above $33 per ounce and quickly sold off. At 11am PDT today, Silver is trading at $32.84 per ounce, up $0.38 per ounce on average volume. 

PLATINUM & PALLADIUM RALLY

Platinum and Palladium continued higher following a report from Johnson Matthey yesterday that pointed to larger deficits in both metals because of labor unrest in the South African mining industry. Today Platinum is trading at $1,588 per ounce, while Palladium is at $642 per ounce.