Daily Market Update 11/14/11

GOLD

Gold has traded in a narrow $15 range today, trading at $1,779.80 per ounce at 11am PDT. With a weaker Euro, the U.S. Dollar is stronger and gold sold off $6.40 on average volume.

Standard Bank’s Walter de Wet stated at a Gold Conference in Dubai today that, Physical gold demand will be 500% larger than ETF sales this year. During his “Gold as a Currency” presentation he stated that gold will reach $2,000 per ounce by year end and $2,200 before March 31st 2012.

"Although the political uncertainty in Europe has eased a little with the latest developments in Italy and Greece, the sovereign debt crisis seems far from resolved on a lasting basis," broker Commerzbank said. "Gold should therefore remain well supported."

SILVER

Silver is at $34.24 per ounce at 11am PDT, down $0.44 on average trading volume. Silver continues to build a firm base while establishing a $33 to $35 trading range. Investor’s concerned about many European countries being on the verge of a serious recession is weighing on the silver price, while physical demand from Asia is setting record highs.