Gold And Silver Continue To Move Higher

GOLD

Strong demand for Gold in the European market drove the price up $30 this morning to a high of $1,985 before seeing light profit-taking. When the U.S. market opened the Commerce Department reported that June Retail sales increased only 0.2%, in May that number was 0.5%. Lower retail sales numbers put pressure on the Federal Reserve to raise the Fed Funds rate next week. At 11am PT today, Gold is trading at $1,975 per ounce, up $20 on excellent volume.

SILVER

Silver quickly moved above the key $25 level on June’s retail sales numbers, reaching a high of $25.25 before seeing light selling. At 11am PT today, Silver is trading at $25.05 per ounce, up $0.21 on strong demand.

A combination of increased world mint production and a normal summer slump in demand, have caused premiums on many of the popular Silver coins to drop. The premium on the very popular U.S. Silver Eagle is now at spot Silver plus only $7 per ounce