Daily Market Report 06/12/14

GOLD

Both Oil and Gold rallied today based on civil war and military violence in Iraq, which has the possibility of slowing oil shipments from the Middle East. Today’s 1% rally continues to show that Gold is the ultimate safe-haven asset during times of geopolitical unrest, whether it is Iran, Ukraine, or Iraq.

At 11am PDT today, Gold is trading at $1,273 per ounce, up $12 per ounce on the highest volume of the week.

SILVER

Silver is moving higher today with Gold on heavy professional trader short covering. It appears that Silver has built a solid support base at $19 per ounce and is now moving higher. If Silver can break above the $20 per ounce resistance level and stay for a few trading days it would be very bullish.

At 11am PDT today, Silver is up $0.28 per ounce, trading at $19.50 per ounce on excellent volume.