June Retail Numbers Released as Silver Coins See Shortages

GOLD

Gold tested the $1,700 support level in Asian and European trading this morning, reaching a low of $1,698 before rallying back. When the U.S. market opened, the June retail spending numbers were released, and they were better than expected, which help most of the financial markets. Traders are still concerned about what the Federal Reserve will do later this month. At 11am PT today, Gold is trading at $1,705 per ounce, down $4 on weekend volume.

SILVER

Silver reacted to the increase in June retail sales better then Gold and quickly rally $0.50 per ounce. Many popular Silver investment coins are seeing shortages in supply and premiums have been moving higher. At 11am PT today, Silver is up $0.32 per ounce, trading at $18.68 on average volume.