Gold remains in narrow range

GOLD

Today we are seeing Gold trade in the same basic range as on Friday. During U.S. trading hours, Gold reached an intraday low of $1,238 before buyers came in. This shows that there is some very strong buying interest from major investors taking advantage of the dip, just like they did on Friday. This is happening despite several commodities trading lower today due to a drop in crude oil. It is good to develop a base as we move through the middle of summer and prepare for more activity in the coming months. I’d like to continue watching the activity, but seeing these strong buyers appear is a very good sign. At 11am PDT today, Gold is trading at $1,241, down $2 on good volume.

SILVER

Silver is staying quiet today, having only dropped about $0.05, despite the news of crude oil. Activity appears to be normal as well, so I think we are seeing strong signs that Silver wants to go back above $16 in the not too distant future. At 11am PDT, Silver is trading at $15.84, unchanged since Friday on normal volume.