Daily Market Report 12/17/12

GOLD

Gold trading stayed in a tight price range between short term support and resistance all day. Professional commodity traders were buyers of Gold at $1,686 per ounce (short term support) while taking profits when Gold got near $1,700 per ounce (short term resistance). Today’s testing and quick rally of the $1,686 per ounce support was the fourth time in the past two weeks, and a very bullish short term indicator. The volume of trading on international and U.S. markets was considered light to average. At 11am PDT, Gold is trading at $1,697 per ounce, unchanged from last Friday’s close.

Gold Fever Hits German Investors

Despite the relative health of the German economy compared to their Eurozone peers, Germans are investing in physical Gold due to concerns over their fiscal well-being. A new study by the Steinbeis Research Center for Financial Services has discovered that 69% of Germans have invested in Gold, with around 50% of them keeping bullion in their own homes. 48% stash their Gold in bank vaults.

SILVER

Silver, like Gold, traded in a tight range today. Silver tested $32.00 per ounce this morning and rallied quickly back up. We saw some light resistances at $32.40, but at the current price, the market looks excellent. At 11am PDT, Silver is down $0.02 per ounce, trading at $32.24 per ounce on average volume.