Daily Market Report 7/1/16

GOLD

What a great start to July. With Gold’s demand, the price is moving higher. Between European, Middle Eastern and Asian demand, the price of Gold is moving and on its way to $1,400 per ounce. Gold is at a record high in many other countries’ currencies. Considering the 2011 high of $1,920 per ounce for Gold in U.S. Dollars, the Gold price looks affordable. While buyers around the world are aggressively buying Gold, history shows that the U.S. buyer is typically the last to move into Gold as a strong rally develops. At 11am PDT today, Gold is trading at $1,335 per ounce, up $16 on excellent Friday volume.

SILVER

After a $2.60 per ounce (16%) increase in June, the Silver price is moving higher today. The U.S. Mint has sold 26,250,000 1oz Silver Eagles in the first six months, an unbelievable and record number. The next resistance level for Silver is $20 per ounce. At 11am PDT today, Silver is up $0.90, trading at $19.50 per ounce on super volume.