Daily Market Report 12/9/13

GOLD

Gold opened $8 per ounce higher today as China posted its biggest trade surplus in almost five years on Sunday. Soaring exports ran ahead of modest import growth, potentially resurrecting a source of friction with the US. In November, China’s trade surplus rose to $33.8 billion from $31.1 billion the month before. Exports staged a rebound, rising 12.7% from November of last year; well ahead of October’s 5.6% growth. This is a positive sign for the global economy, Gold, and China. At 11am PDT today, Gold is trading at $1,234 per ounce, up $5 per ounce on average volume.

SILVER

Silver traded in a very narrow range today, with $19.43 as the low and $19.85 as the high. Considering today’s Gold rally, I was disappointed not to see Silver attempt to break above the important $20 resistance level. At 11am PDT today, Silver is up $0.20 per ounce, trading at $19.72 per ounce on normal volume.