Daily Market Report 5/31/13

GOLD

Gold rallied to $1,422 per ounce last night before seeing some profit taking, driving the price down to $1,390 per ounce. Because today is Friday, and the 31st of the month, I believe some of the selling has to do with month end positioning and clearing. The volume of trading during the selloff wasn’t that heavy, which is normal for Friday volume. Even with a stronger U.S. Dollar today I was disappointed that Gold didn’t hold above the $1,400 level, but let’s see what happens on Monday when Asia has an opportunity to buy Gold at these prices.

At 11am PDT today, Gold is down $18, trading at $1,394 per ounce on average volume.

SILVER

Silver continues to stay in the $22 to $23 per ounce trading area, reaching $22.94 for a daily high and selling down to $22.18 at the low of Gold trading.

At 11am PDT Today, Silver is trading at $22.30 per ounce, down $0.48 per ounce on light volume.