Daily Market Report 11/29/12

GOLD

The Gold buyers came in yesterday, after testing the $1,700 per ounce price support level, ending the day with $26 per ounce drop. This morning the market opened higher and kept on going higher. At 11am PDT Today, Gold is trading at $1,727.80 per ounce, up $9.10 per ounce on average volume.

SILVER

During the past two days of Silver trading, it has displayed stronger demand.  Yesterday, when Gold dropped $26, Silver dropped $0.39. Today, Gold is up $9.10, while Silver is up $0.64 per ounce. The strength in the Silver market is impressive and I look for it to test the $35 per ounce resistance level this year if we don’t go over the Fiscal Cliff. At 11am PDT, Silver is trading at $34.30 per ounce, up $0.64 on excellent volume.