Daily Market Report 6/13/13

GOLD

Gold continues to trade in the $1,370 to $1,400 per ounce price level, with average volume. The bulls feel that Gold is building an excellent base for the next attempt at breaking above $1,400 per ounce, while the bears are disappointed that Gold has hit $1,400 four or five times in the past two weeks but can’t stay above the $1,400 resistance level.

At 11am PDT today, Gold is trading at $1,379 per ounce, down $12 per ounce on average volume.

SILVER

After Silver’s recent lackluster price performance, the Gold/Silver ratio (which measures the number of Silver ounces needed to buy an ounce of Gold) rose to 64-to-1 yesterday, its highest since August 2010. 

At 11am PDT today, Silver is down $0.11 per ounce, trading at $21.70 per ounce on light volume.