Daily Market Report 05/29/14

GOLD

Gold opened trading in Asia and quickly move lower, reaching $1,251 per ounce. Part of the recent decline in the Gold price was loss of the Ukraine premium, when Russian President Putin showed willingness to work with Ukraine’s leadership on settling the issues that caused the recent deadly clashes. At 11am PDT today, Gold is trading at $1,256, down $3 per ounce on average volume.

SILVER

Silver continues to show excellent price support today. When Gold dropped $9 this morning, reaching $1,251 per ounce, Silver traded as low as $18.78 per ounce. At that point demand for Silver increased, driving the price back above $19 per ounce. At 11am PDT today, Silver is down $0.03 per ounce, trading at $19.02 per ounce.