Daily Market Report 6/16/16

GOLD

Yesterday’s press conference from Federal Reserve Chairman Janet Yellen was very bullish for Gold. Chairman Yellen’s biggest surprise was the lack of any hint that the Fed is ready to raise interest rates any time soon. There was speculation that the Fed would raise interest rates in July, after Yellen’s press conference it has now been pushed out to December.

After the Yellen statement, Gold rallied in the U.S. and Asian markets, reaching a new 2016 high of $1,315.90.  Trading volume picked up as we saw some short term profit taking. At 11am PDT today, Gold is trading at $1,293 per ounce, up $5 on excellent volume.

SILVER

Silver reached a high this morning of $17.89 per ounce. At that point, we saw selling and the price quickly dropped back to the $17.50 support level. At 11am PDT today, Silver is up $0.06 per ounce, trading at $17.53 per ounce on excellent volume.