Daily Market Report 12/1/15

GOLD

Gold moved higher this morning, reaching a high of $1,075 per ounce in Asian and European trading. There was selling at this morning’s high and the price quickly moved lower. The U.S. Dollar rally, a bearish factor for Gold, has slowed down, which could add some support for the price. I think Gold still needs to have a final clean out before turning higher, maybe briefly breaking below $1,050 per ounce. At 11am PDT today, Gold is trading at $1,064 per ounce, down $1 on average volume.

SILVER

Silver showed excellent demand from bargain buying at today’s low of $14.03 per ounce, Silver continues to take price direction from the Gold market. At 11am PDT today, Silver is down $0.02 per ounce, trading at $14.10 per ounce on normal volume.