GOLD

To say the results of last weekend’s G-7 meeting were disappointing is an under-statement. Plus, today’s news of a weaker U.S. Dollar Index combined with a report that in May, Gold held in ETF’s increased 14.6 tons, has given Gold a push towards the important $1,300 per ounce level. At 11am PDT today, Gold is trading at $1,300 per ounce, up $2 on normal volume.

SILVER

The Silver price reached a high of $16.99 per ounce this morning with excellent volume. At that point there was short-selling based on concern that Silver wouldn’t be able to break the $17 resistance level. Silver backed off, reaching $16.71 before seeing buyers reappear. At 11am PDT today, Silver is up $0.17 per ounce, trading at $16.91 on good volume.