Daily Market Report 06/08/12

GOLD
In overnight trading, Gold reached a low of $1,556 per ounce as a reaction to Chairman Bernanke’s not giving any hint of future monetary stimulus during his congressional testimony yesterday. After Gold reached $1,556 per ounce, sizeable buying came into the Asian precious metal market, taking the Gold price back above $1,580 per ounce. At 11am PDT, Gold is up $2.00 per ounce, trading at $1,592.00 per ounce on average weekend volume.

A Fitch Ratings executive said Thursday that the firm would likely downgrade US debt if the federal government does not get its fiscal house in order.

Billionaire George Soros, who was negative on Gold in the later part of 2011 as it turned bullish, in the first quarter he has added a substantial amount of Gold to his holdings.

SILVER
When Gold was trading on its lows, Silver showed a lot of support at $28 per ounce, reaching $28.03 and then turning up. Although we are seeing sizeable selling of Gold in India, demand for Silver has been constant. At 11am PDT, Silver is holding at $28.47 per ounce, down $0.20 per ounce on typical weekend volume.