December gold settles 1765.1, up $0.10

December Gold traded both sides of a tight choppy range on Wednesday, to settle one tic above the unchanged level Wednesday.  Despite over a $30 sell-off  from Friday’s high, the yellow metal remained resilient in the face of mounting pressure from Euro Zone and domestic economic issues.  It is my belief that after six central bank interventions to enact or increase stimulus packages in the past two weeks, Gold bugs, for at least the first three sessions this week, were looking for some fresh news to trade off of.  It is my opinion that since Gold couldn’t push through the 1800 level late last week, some investors took profits and therefore led to a mild correction in the Gold market, which took the December contract down to a Wednesday morning low of 1758.5.

In Industry news, China, the world’s top Gold producer, churned out 249.7 tons of Gold in the  first eight months of the  of the year, up ten percent for the year.  Demand for Gold remains high, as dips continue to look like buying opportunities.  Gold stayed flat today despite over a 100 point loss in the Dow.  Heading into tomorrow we have jobless claims, oil inventories, and a 30 year bond auction.