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Daly Gold Report 9/8
Wednesday, September 08, 2010
by Mike Daly of PFGBest
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Gold Settles $1.80 lower ($1257.50)
Today’s gold session traded a fairly quiet $10.10 range.
Today as expected the Bank of Canada raised their key
Interest rates a quarter point to 1.00%.
Despite higher energy prices and a weak U.S Dollar
The Gold market could not maintain its early gains.
December (Globex) Gold traded as high as $1264.70
before a mid to late session sell-off.
The physical demand is in full swing from the
Asian sector primarily India…
We also have $20.00 Silver……
This has become the Blue collar safe haven….
It is a matter of economics $20 an ounce Silver
Versus 1260.00 per ounce for Gold……
Both are precious metals and safe haven investments..
Silver has the potential to outperform Gold.
Silver is also an industrial metal and is in high demand
for making batteries, solar panels, as well as coinage….
Reports : 9/9
Initial Jobless Claims………..7:30 am (CST)
U.S trade Balance…………….7;30 AM (cst)
MY SWING NUMBERS FOR 9/9….DECEMBER
RESISTANCE # 2……………….$1269.00
RESISTANCE # 1……………….$1264.00
PIVOT……………………………..$1259.00
SUPPORT # 1…………………..$1253.00
SUPPORT # 2…………………..$1249.00
Mike Daly / Gold specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
Recent articles from this author
- The Daly Gold Report(3) - Tuesday, February 07, 2012
- The Daly Gold Report(2) - Monday, February 06, 2012
- Weekly Gold Report(7) - Friday, February 03, 2012
- Daly Gold Report(30) - Thursday, February 02, 2012
- DALY GOLD REPORT 2/2 - Thursday, February 02, 2012
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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