Daily Market Report 12/4/12

GOLD

Gold sold off in Asian overnight trading when a large hedge fund sold approximately 4,000 February 100oz Gold contracts (400,000 ounces) which caused Gold to drop $12 during the Japanese trading day. Gold broke through the important $1,700 per ounce psychological resistance level and traded below the 100 day moving average at $1,697.75. At 11am PDT today Gold is trading at $1,698.35, down $21.35 per ounce on heavy volume.

U.S. Mint Sets Record for Gold Eagles Sales

During the month of November the U.S. Mint sold 136,500 ounces of Gold Eagles, the highest quantity since July of 2010. The bulk of the Gold Eagle sales came after the re-election of President Obama on November 6th. 

U.S. Home Sales Jump

Home prices posted their biggest annual jump in more than six years in October in a sign the housing sector continues to recover. Home price index rose 6.3 percent compared to October a year ago, the biggest increase since June 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis.

SILVER

Silver sold off with Gold during Asian trading, reaching a low of $32.66 per ounce. At 11am PDT Today, Silver is down $0.76, trading at $32.90 per ounce on large volume.