Gold sold off before finding bargain buyers

GOLD

Gold opened near the highs of the day at $1,225 and sold off, reaching a low of $1,216 before finding bargain buyers. Many of the BRICS countries have provided central bank Gold purchases for June and, as expected, they are sizeable. At 11am PDT today, Gold is trading at $1,220, down $5 per ounce on average volume.

SILVER

Silver hit a low of $15.35 this morning before finding buyers, driving the price up to $15.50 per ounce. Silver continues to look to Gold for support and stay above the $15.50 level. At 11am PDT today, Silver is down $0.12 per ounce, trading at $15.48 on normal volume.