Daily Market Report 6/14/13

GOLD

History has shown us that as we enter the summer months the physical demand for precious metal investment products decreases and volume of contracts & options traded on the worldwide commodity exchanges drops off. If Gold stays within the current $1,370 to $1,400 per ounce trading range, this would be an excellent consolidation and break the recent short term bearish trend. Should Gold rally and break above $1,422 per ounce during the summer months this would be a very bullish signal for the market.

At 11am PDT today, Gold is trading at $1,388 per ounce, up $9 on average Friday volume.

SILVER

The current premium on U.S. 1oz Silver Eagles should decrease as the U.S. Mint is catching up with its backlog of orders. As of today, the U.S. Mint has produced 23,396,500 1oz Silver Eagles, an all-time record. Unless we see Silver breakdown below $20 per ounce or a rally above $24 per ounce I would expect the U.S. Mint to be caught up with orders by Mid-July.

At 11am PDT today, Silver is up $0.35, trading at $22.05 per ounce on average volume.