Gold and Silver rise on safe haven demand

Gold and Silver gained after reports over the weekend that Iran produced its 1st nuclear fuel rod, causing investors to buy the precious metal as a safe haven.

Gold for immediate delivery advanced 0.2% to 1,566.27 oz, and Silver was + 0.1% at 27.8625 oz.

Gold rose 10% last year, the 11th straight annual gainer, and Silver fell 9.9% on the year..

Gold reserves increased in November in Belarus, Turkey, Tajikistan, Macedonia, Mauritius and Morocco, and declined in Mexico, according to data on the International Monetary Fund's website.

Turkey's holdings increased to 5.758-M ounces from 4.429-M in October, and Mexico's declined to 3.413-M oz from 3.417-M, the data showed.

Morocco's holdings were 710,000 oz in November compared with 708,800 in October, according to the data.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.