Daily Market Report 11/26/14

GOLD

Today, Gold traded in a very narrow $6 high/low price range, between $1,195 and $1,201 per ounce. The key Gold issue is this Sunday’s Swiss Referendum to increase the Swiss central bank’s ownership of Gold. It appears that the Gold market is discounting the possibility of this happening as more and more polls don’t show the needed support for passage. If the bill doesn’t pass on Sunday, I would look for a selloff in the Gold market, possibly down to the $1,180 support level.

At 11am PST today, for the third day in a row, Gold is trading at $1,198 per ounce, but today’s trading volume is light.

SILVER

Silver stayed above the $16.50 support level during trading this morning, reaching a high of $16.72. Trading volume was light today, not surprising considering we are going into a holiday. Right now, Silver traders are moving out of the December five-thousand ounce CME Silver contracts into the March contracts, and March will be the most actively traded month starting on Monday.

At 11am PST today, Silver is trading at $16.59, up $0.02 per ounce on light volume.