Daily Market Report 5/23/13

GOLD

Gold rallied today based on the U.S. Dollar falling against the Japanese Yen. Adding to the demand for Gold was the plunge in the Tokyo Stock Market. The volatility in the Gold market continues, as the trading range was over $40 per ounce, with Gold reaching $1,356 per ounce before rallying. Today in the global bullion markets we saw that Gold is the ultimate safe haven investment, as concerns about Japan and China’s economic problems drove investors to Gold.

At 11am PDT today, Gold is trading at $1,391 per ounce, up $26 on heavy volume.

SILVER

Silver seems to be caught up in a narrow short term trading range between $22 and $23 per ounce waiting for direction from the Gold market. Although the Silver price has been weaker than Gold’s, the physical demand is very strong and it still represents an extraordinary value at current price levels.

At 11am PDT today, Silver is up $0.18, trading at $22.62 per ounce.