Daily Market Update 3/2/11

Up, Up and Away.
Today we are seeing new all-time record highs for Gold, as Silver continues to set new 31 year highs daily.

GOLD
closed at $1,435.75, up $7.75 for the day.

SILVER
closed at $34.65, up $0.25 for the day.

Today’s major upward breakout in both Gold and Silver on heavy volume shows that the technical charts and fundamentals are looking extraordinarily strong. Gold could easily reach $1,500 and Silver at $38 within the next week. Sure, we could get a normal price correction, but from where? .

Today’s other Important News

• This week Fed Chairman Ben Bernanke gave testimony to Congressional committees. His comments focused on the Federal Reserve Bank having a very accommodating monetary policy and not being overly concerned about multi-year highs in global food and commodity inflation.
• Increasing tensions in North Africa and the Middle East is still driving up oil futures prices. Today one barrel of crude oil passed $100, and if there are demonstrations in Saudi Arabia that price could double.