Daily Market Report 6/8/16

GOLD

Declining expectations that the U.S. Federal Reserve will raise interest rates any time soon has caused a weaker US Dollar and has driven up Gold and Silver prices today. This morning Gold broke above the $1,250 resistance level and quickly reached a high of $1,264 per ounce. I was expecting this move on Thursday or Friday, but I’ll gladly take it today. At 11am PDT today, Gold is trading at $1,259, up $14 per ounce on excellent volume.

SILVER

When Gold broke out above the $1,250 level, Silver quickly spiked. Silver reached $17.11 per ounce this morning before settling back to the $17 level. At 11am PDT today, Silver is up $0.58 per ounce, trading at $17 per ounce on heavy volume.