Daily Market Report 11/15/12

GOLD

Gold traded down to $1,704 earlier this morning as result of a strengthening U.S. Dollar versus the Euro. At that point, major demand came into the market and Gold quickly rallied up $10 per ounce. At 11am PDT Today, Gold is trading at $1,714.60 per ounce, down $16 per ounce on heavy volume of trading.  

THE BIG MONEY STILL LIKES GOLD

Major fund manager, John Paulson is bullish on Gold. Paulson & Co owned 2.18 million ounces of Gold at the end of September, unchanged from his stake on June 30 holdings. Billionaire financier, George Soros raised his Gold holding in the third quarter by 50 percent.

POSITIVE FUNDAMENTALS FOR OWNING GOLD CONTINUE TO BE STRONG 

The U.S. government ran a deficit of $120 billion in October, up sharply from $98.5 billion in the same month last year. The October deficit was also higher than an estimate of $113 billion released last week from the Congressional Budget Office. 

SILVER

Silver continues to consolidate in the $32 per ounce level. Today’s low/high trading range was only $0.60 per ounce, from a low of $32.15 to a high of $32.75. Physical demand for Silver investment products around the global continues to be strong. At 11am PDT Today, Silver is down $0.22 per ounce, trading at $32.62 per ounce with excellent volume of trading.