Daily Market Report 6/12/13

GOLD

After reaching a low of $1,364 per ounce in Asia early yesterday Gold has moved out of a consolidation phase into a short term bull trend higher. The value of Gold is being helped today by a weaker U.S. Dollar versus the Euro and Japanese Yen.

At 11am PDT today, Gold is trading at $1,391 per ounce, up $12 per ounce on average volume.

What are Professional Gold Traders doing?

The net combined positions in Gold by speculators & professionals rose 17.5 percent for the week ending June 4 after reaching a four-and-a-half year low on May 28. The short positions fell for the first time since mid-April.

Gold Confiscation is being discussed again

Casey Research just released an excellent article about the possibility of Gold Confiscation written by Jeff Thomas. I would recommend taking a few minutes to read it. Read the full article at www.mintstategold.com/investor-education/gold_confiscation_possibility/

SILVER

Professional’s continue to short Silver on any rally. Now, $22 per ounce is the newest short term resistance level for Silver while $21.30 has shown some support.

At 11am PDT today, Silver is up $0.11 per ounce, trading at $21.81 per ounce on average volume.