Daily Market Report 12/30/14

GOLD

Gold rallied sharply higher this morning, reaching $1,210 per ounce, as the U.S. Dollar weakened and many of the world’s equity markets closed lower. Increasing tensions between Russia and western countries also increased the demand for Gold. In November, China’s Gold imports from Hong Kong rose to their highest level since February, indicating strong demand from the world’s top bullion consumer ahead of the Lunar New Year.

At 11am PST today, Gold is up $18 per ounce, trading at $1,201 per ounce on average volume.

SILVER

Silver moved back above the key $16 per ounce resistance level this morning, reaching $16.49 per ounce at one point. Demand was surprisingly good, considering it is a holiday week.

At 11am PST today, Silver is trading at $16.24 per ounce, up $0.44 per ounce on normal volume.