Daily Market Report 6/28/16

GOLD

Gold tested its support level this morning, reaching a low of $1,305 per ounce. The $1,300 major support level held and the price quickly rallied back. It’s good to see Gold consolidating in the $1,305 to $1,335 per ounce price range after last week’s major rally. Physical Gold demand continues to grow around the globe, with reports of increased shortages coming from Great Britain and European dealers. At 11am PDT today, Gold is trading at $1,315, down $2 per ounce on normal volume.

SILVER

The Silver price has been preforming better than Gold with strong demand for paper and physical Silver investment products. Silver sold off today when Gold was trading at its lows, then showed support at $17.50 per ounce and rallied quickly. At 11am PDT today, Silver is up $0.03 per ounce, trading at $17.79 on excellent volume.