Daily Market Report 11/14/13

GOLD

Our in-coming Federal Reserve chairman, Janet Yellen, testified to congress today and I guess the precious metals markets liked what they heard, as Gold quickly rallied off yesterday’s lows. In-coming Federal Reserve Chairman, Janet Yellen told congress she was prepared to continue the U.S. monetary stimulus program ($85 billion per month) until the U.S. unemployment rate dropped. Yellen’s statement plus the very bullish statistics from the WGC (see below) helped Gold rally today. At 11am PDT today, Gold is trading at $1,285 per ounce, up $14 per ounce on average volume.

The World Gold Council (WGC) just released its supply and demand figures for the 3rd quarter of 2013 with some interesting statistics. Gold Jewelry demand is up 5%, Gold coins and bars are up 6%, with a drop of 3% in new supplies of Gold. For the full WGC report click on the following link http://www.mintstategold.com/investor-education/cat/news/post/wgc_q3_2013_gold_report/

SILVER

Considering the major rally in Gold today, Silver’s price performance was disappointing. Today Silver could not price above the $21 per ounce resistance level, staying between $20.62 and $20.93 per ounce on light volume. At 11am PDT Today, Silver is up $0.20 per ounce, trading at $20.74 per ounce.