Weekly Market Report

GOLD Gold got back on track last week after September’s price correction, up $47.20 per ounce (2.8%) for the week. It closed the week at $1,683.80, which is the high end of the recent trading range. Demand is not just coming from Asia at the current price (which is down $240 from the September highs) and buying is increasing globally...

GOLD Last week was calm compared to last month. Gold was up $13.50 for the week, closing at $1,635.80 per ounce on respectable volume.  The European sovereign debt and banking solvency problem remains on the forefront of news and is affecting the world’s precious metal and equity markets. (Read more details below) Eurozone nations and bank debt downgrades kept coming...

GOLD Gold was up $200+ per ounce during the month of August, and down $200+ in the month of September. Gold is virtually the same price as it was two months ago. In September gold reached a new all-time record high of $1,920.80 per ounce. The volatility that we are seeing in the World’s Gold markets the past two months...

GOLD Last week was definitely extraordinary. Gold set a new all-time high of $1,920.80 per ounce Tuesday, and then sold off to $1,793.80 per ounce within 24 hours.  The price range for the four day week was $127 (6.8%), compared to the previous week’s $109, ending with gold closing at $1,859.50 on Friday.  Based upon the U.S. Dollar’s strength and...

GOLD I was beginning to think that we were going to build a new price base around the $1800 per ounce level. Friday’s employment report was released, along with negative news regarding the Eurozone debt problems, causing the gold market to rally to above $1,880 per ounce. Although volume was light due to the long holiday weekend, there was a...

GOLD During this past week Gold and Silver showed us all just how volatile it can be. Monday, Gold closed at $1,891.90 per ounce up $132 from the previous week’s close, setting the stage for hitting the new all-time high of $1,912.80 early Tuesday morning.  Wednesday, gold closed down $104 per ounce and Thursday gold dropped to $1,701 on heavy...

GOLD Gold continues its upward breakout, up $109.50 last week and up $250 for the last month. Friday’s call closed at $1,852.50 per ounce, reaching a new all-time high of $1,881.40 in Friday’s Asian trading, and almost $1,900 during U.S. trading this morning.  This increasing volatility in the gold market is beginning to concern me. I believe that the World’s...

GOLD Last week was another extraordinary period for gold. Up $90.80 (5.5%) in just five trading days, gold closed the week at $1,742.60 on the heaviest trading for the month of August I have ever seen. Average volume was over 300,000 contracts a day, which is astonishing considering this is historically the weakest time of the year for gold trading...

GOLD What a week it was. There was the settlement of the Debt Ceiling Crisis, and a major announcement from the World Gold Council regarding the increasing number of Central Banks who are spending their U.S. Dollar reserves to buy Gold. Thursday we saw a 512 point drop in the DJIA (a total of a 700 point drop for the...

GOLD It appears that the President, the Congressional Republicans, and the Democrats have finally come to an agreement to settle the debt ceiling crisis. As expected, both gold and silver have sold off on this news. In Asia, Gold dropped $20 and Silver dropped $0.70 after President Obama’s debt ceiling announcement, but they quickly rallied back to virtually unchanged after...