Daily Market Report 06/11/12

GOLD
After Spain announced its $125 billion bailout, Gold rallied $16 to $1,608 per ounce, then demand trailed off and Gold dropped back to $1,583 per ounce. The volume of trading has not been high, as we are in the summer. At 11am PDT, Gold is up $5.50 from last Friday’s close, trading at $1,597.50 per ounce.   

SILVER
When Gold rallied on the Spanish bailout, Silver rallied also, but it hit the wall at $29.00 per ounce. Silver wants to stay in the $28 to $29 per ounce range right now. At 11am PDT, Silver is trading at $28.64, up $0.17 per ounce on average trading volume.

PLATINUM
The Platinum price increased more the Gold and Silver today, up $18 today, trading at $1,451 per ounce on better than average volume of trading. China is predicting a major increase in auto production, and Platinum is in big demand for catalytic convertors.