Daily Market Report 6/3/15

GOLD

This morning Gold started with a brief rally based on a weaker U.S. Dollar versus the Euro. However, a report that inventory holdings declined from a major Gold ETF (SPDR Gold Trust) quickly drove the price lower, reaching $1,180 per ounce. Holdings in SPDR Gold Trust, the world’s largest Gold ETF, fell 4.18 tonnes (to 709.89 tonnes) on Tuesday, the lowest since January 2015. At 11am PDT today, Gold is trading at $1,186 per ounce, down $8 on average volume.

SILVER

Silver is stuck in a tight trading range from $16.50 on the low to $16.90 per ounce on the high. When Gold breaks back above $1,200, I believe Silver will move back above the important $17 per ounce resistance level. At 11am PDT today, Silver is down $0.25 per ounce, trading at $16.57 per ounce on normal volume.