Daily Market Report 5/30/13

GOLD

Continued heavy demand for Gold’s physical investment products (coins, bars and jewelry) combined with a U.S. Dollar that has been weak versus the Euro and Yen since Monday, finally drove Gold over $1,400 per ounce, and the professionals took it from there. Gold broke above $1,400 in Asia early this morning and the technicians and chartists ran to cover their short positions, driving Gold up to $1,417 per ounce very quickly. Now, Gold needs to establish $1,400 as its new support level by staying above $1,400 till tomorrow’s close.

At 11am PDT today, Gold is up $21 per ounce, trading at $1,412 per ounce on excellent volume.

SILVER

Silver followed Gold up this morning, breaking above $23 per ounce, actually reaching $23.06, but couldn’t hold that level and sold off. Considering Gold’s breakout today, I am very disappointed in Silver not being able to stay above $23 per ounce.

At 11am PDT today, Silver is up $0.30 per ounce, trading at $22.78 per ounce on average volume.