Daily Market Report 06/15/12

GOLD
Gold futures climbed Friday, poised to extend their gains to a sixth session in a row, as the prospect of fresh economic stimulus from the world’s central banks underpinned demand. Today, Gold has traded from a high/low of $1,635 to $1619 per ounce. At 11am PDT, Gold is up $7.20, trading at $1,626.40 per ounce better than average Friday volume.

Investors are focused on and very nervous about this weekend’s make-or-break Greek election. Why, if the Greek elect the political parties that support leaving the Euro, there could be a run of the banks on Monday, as many Greeks are concerned that there Euro denominated accounts could be transferred in Drachmas. Additionally, a run on the banks in Greece could be contagious and spread to Spain, Portugal or Italy. This is why, on Thursday there was an announcement from the G-20 Central banks about a coordinated action to provide liquidity for the European banking system if required. Monday could be an exciting day in the precious metal markets.

SILVER
Despite Gold’s sixth straight price increase, Silver could not move above $29 per ounce today. Silver has traded today from a high/low of $28.98 to $28.45 per ounce on light Friday volume. At 11am PDT, Silver is up $0.20, trading at $28.72 per ounce.