Daily Market Report 05/30/14

GOLD

Earlier this morning in Asia, Gold broke below the important $1,250 per ounce support level and technical traders shorted the market, driving Gold down to a low of $1,243 per ounce. Today is the last trading day of the month, making it an extra important day for the markets, from at least a technical standpoint. At 11am PDT today, Gold is trading at $1,246, down $10 on average volume.

SILVER

Silver finally broke down below the key $19 per ounce support level this morning, reaching a low of $18.62 per ounce. At today’s price, Silver is an extraordinary value, with the Silver/Gold ratio at 66.63 to 1. At 11am PDT today, Silver is down $0.32 per ounce, trading at $18.70 per ounce on average volume.