Daily Market Report 5/2/16

GOLD

Gold had its 2nd attempt at breaking above the important $1,300 per ounce level. In early European trading Gold reached a high of $1,304 based primarily on a weaker U.S. Dollar. Then, trading volume picked up and Gold sold off, moving back to $1,290 before finding sizeable buying. At 11am PDT today, Gold is trading at $1,292 per ounce, up $2 on excellent volume.

SILVER

Silver briefly traded above $18 again this morning in European trading. Then, Silver sold off to $17.50 per ounce before the buyers came back. Price consolidation in the $17.40 to $18 area would be good after April’s 15% increase. At 11am PDT today, Silver is down $0.25, trading at $17.52 on heavy volume.