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DALY GOLD REPORT 2/24
Wednesday, February 24, 2010
by Mike Daly of PFGBest
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Gold Settles $6.00 Lower Today… ($1097.20) More bad economic news as U.S New Home Sales unexpectedly fell to its lowest level on record. Purchases declined 11% sending a strong signal that the government tax credit extension may not be enough to fuel demand. 3 Million Homes are expected to be repossessed this year as the continued rise in unemployment is finding Americans unable to make their mortgage payments. Federal Reserve Chairman Ben Bernanke said “the U.S. economy is in a “nascent” (emerging) recovery that still requires low interest rates to encourage demand by consumers and businesses once federal stimulus expires”. The Chinese recently reported that purchasing IMF Gold at these levels was unattractive. They are the world’s largest consumers of Gold and have boasted their intentions to build their reserves from 1500 metric tons presently up to the 10,000 metric ton level in 10 years. A good poker player never tips their hand!!! REPORTS: 2/25 EXPORT SALES……………….7:30 am (CST) INITIAL JOBLESS CLAIMS….. 7:30 am (CST) MY SWING NUMBERS 2/25 ….APRIL GOLD RESISTANCE # 2…………$1118.00 RESISTANCE # 1…………$1108.00 PIVOT……………...... $1099.00 SUPPORT # 1……………..$1089.00 SUPPORT # 2……………..$1080.00 Let’s talk GOLD………… Mike Daly / Gold Specialist PFG BEST mdaly@pfgbest.com 877-294-4669 312-775-3014 312-563-8029 *There is Extreme risk trading futures,options, and forex* 
Recent articles from this author
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About the author
Mike Daly joined PFGBEST Research in 2009 with more than 25 years of experience as a gold trader and market specialist. He was a floor trader at the Chicago Mercantile Exchange, Chicago Board of Trade and Chicago Board Options Exchange for the first two decades. He joined the renowned gold brokerage J. Aron in 1979 and served as a senior gold broker and market analyst for four years, and then continued another two years there after J. Aron was acquired by Goldman Sachs in 1982. He was charged with keeping vast spread markets in line and was a global gold market maker for the firm. From there he continued as a licensed independent broker on the CME floor in the S&P 500 stock index futures trading pit while also monitoring and trading gold markets. He joined Alaron Trading Corp. in 2007 as a senior broker then came on board PFGBEST through the acquisition of the customer assets of Alaron in spring of 2009. Mike is regularly quoted in broadcast and print media venues and is widely available to share his precious metals and trading background, knowledge and experience as an interview source, educator and spokesperson. Mike Daly
Sr. Precious Metals Analyst
PFGBEST Research Phone: 877.294.4669 or 312-563-8029
Email: mdaly@pfgbest.com PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, trader education, market research, and direct online futures trading through its BESTDirect® platform, and numerous other platforms and applications.
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