Daily Market Report 6/3/13

GOLD

Gold rallied back above the $1,400 per ounce level this morning based on negative economic news in both the U.S. and Europe. This is the fourth time in the past two weeks Gold has rallied above $1,400 per ounce; we need it to stay for Gold to become short term bullish. The combination of today’s poor economic news and a weaker U.S. Dollar took Gold back through the key $1,400 resistance level.

At 11am PDT today, Gold is up $19 per ounce, trading at $1,413 per ounce on excellent volume.

Regardless of What the Media Says, Soros is Bullish on Gold

There has been a lot in the media recently about George Soros being bearish on Gold and selling his holdings. It is true that Mr. Soros has been selling his holdings in the SPDR Gold Trust ETF (Paper Gold - NYSE: GLD). The GLD position was lowered in the first quarter of 2013 to 530,000 shares from 600,000 shares. However, his latest SEC 13-F report shows that Soros’ Management Fund LLC has added Gold Mining Shares and 1.51 million call options on that index were initiated. Additionally, Soros also maintained a $32 million position in individual Gold mining stocks. For the complete article see http://www.mintstategold.com/investor-education/soros/".

SILVER

Silver followed the Gold rally this morning, but still could not break through the $23 per ounce level. Silver reached $22.99 before technical sellers started taking short term profits, driving the price down to $22.70.

At 11am PDT today, Silver is trading at $22.80 per ounce, up $0.50 per ounce on good volume.