Weekly Market Report

GOLD After trading as low as $1562 per ounce the week ending Dec. 16th, gold rallied last week, staying above the $1,600 psychological support level most of the week. Gold closed at $1,606.50 per ounce on Friday, Dec. 23rd, up $8.60 for the week. Last week, Gold traded in a very narrow range while the following positive U.S. economic news...

GOLD We saw a dramatic correction in the gold price last week.  This was caused by continued concerns over the European Sovereign and banking debt crisis. (An overview and my thoughts on this issue in the paragraph below).  Gold dropped $118.90 per ounce (6.9%) between Friday Dec.9th and Friday Dec.16th, closing the week at $1,597.60 per ounce.  The low price...

GOLD Last week was all about the European Central Bank (ECB) and the European Financial Minister’s meetings in Brussels. They met to hopefully agree on a “fiscal compact” which could be part of a badly needed solution to the debt crisis for European sovereign nations and banks. During the meeting the ECB announced a ¼ % cut in interest rates...

GOLD Last week was excellent for Gold investors with the price up $65 (3.7%), closing at $1,751.30 per ounce on Friday.  Gold trading last week ranged from a low of $1,686 to a high of $1,767 per ounce on excellent volume.  The Central Bank of Korea reported the purchase of another 15 metric tonnes of gold in November, in addition...

GOLD The lack of agreement on a unified monetary policy between the European Financial Ministers and the Central Bankers has driven down the world’s equity, energy, commodities, and precious metal markets in the last two weeks.  The uncertainty of the past two weeks caused Gold to drop only $100 per ounce (5.9%) with no change in the bullish fundamentals. Gold...

GOLD Last week was very difficult for gold investors. The gold price dropped $63 per ounce (3.53%) for the week, ending at $1,725.10 per ounce.  The volume of trading in Asia, Europe, and the United States was higher than average with an $86 high/low price range.  If we don’t see progress on a Eurozone solution or from our Congressional Super...

GOLD Gold had another up week, a $152 per ounce increase in just the last three weeks.  The volume of gold trading is increasing globally and volatility is growing. As the market price moves closer to a new all-time high I expect this scenario to continue. Last week, as in the past few months, the primary mover of the precious...

GOLD Last week Gold traded in a very narrow price range, closing the week up $8.10 at $1,755.40.  Gold closed above $1,700 per ounce over the past nine trading days, building an excellent base to reach an $1,800 per ounce resistance level sometime this week. Last week Gold was surprisingly strong given that we had a very strong dollar versus...

GOLD What a week for Gold investors, Gold was up $111 per ounce (or 6.79%) in just five days.  It broke through the $1,700 psychological resistance price level on excellent volume and global demand. This breakout signals the acknowledgment that more quantitative easing is coming. The monetary stimulus (printing over 1 Trillion Euros) is the key element in last week’s...

GOLD All the conflicts and mixed messages that have come from European financial leaders during the 13 emergency summit meetings in the past 21 months continued last week.  This indecision is causing much higher volatility in both gold and silver pricing. Gold and Silver trading volume was much higher every day last week compared to the prior week.  Higher trading...