Daily Market Report 6/17/16

GOLD

Yesterday we had a lot of trading volatility in the world’s Gold markets. Gold reached a new 2016 high of $1,316.40, but ended the day trading at $1,281.20 per ounce. This short term profit taking happened quickly on a high volume of over 354,558 hundred-ounce CME Gold contracts. This morning, Gold reached a low of $1,278.90 before bargain buyers appeared and the price moved back up to $1,292 per ounce. At 11am PDT today, Gold is down $1, trading at $1,292 per ounce on excellent volume.

SILVER

Silver reached a high of $17.88 yesterday before its sell-off. This morning, the Silver price stabilized above the $17 per ounce support level and quickly moved above $17.35. At 11am PDT today, Silver is trading at $17.40 per ounce, down $0.13 on excellent weekend volume.