Daily Market Report 05/23/12

GOLD
The value of Gold, world equities, oil and the Euro are down today based on the news coming out of Greece. 27 countries are meeting at the much-anticipated European summit in Brussels to discuss their debt crisis and what will happen with Greece. Overnight comments coming out of Greece about their possible exit from the Euro-zone have driven down the price of Gold to as low as $1,535 per ounce as demand for the U.S. Dollar increases. The U.S. Dollar has increased in value versus the Euro, reaching 1.25. At 11am PDT, Gold is trading at $1,550.10, down $30, but up from the $1,532.40 low reached in earlier trading. Gold continues to show excellent support and demand in the $1,530 per ounce area.
                                                                                                                                           
SILVER
Silver reacted with Gold’s decline, reaching as low as $27.04 per ounce on heavy volume. All the precious metals (Platinum & Palladium) are reacting to the European debt crisis and the possibility of Greece exiting the Euro-zone nations.  At 11am PDT, Silver is down $0.70 per ounce trading at $27.60 on heavy trading.