Daily Market Report 6/24/13

GOLD

Gold traded today in the $1,275 to $1,300 per ounce range. Gold has done very well today considering a dramatic drop in the world’s equity markets, the U.S. DJIA down over 150 points, and with the continued strength in the U.S. Dollar. Today’s Gold demand is good, but with problems with weak Chinese economic news and a cash crunch in their banking system the Gold demand isn’t strong enough to drive the price back up to $1,300 per ounce.

At 11am PDT today, Gold is trading at $1,280 per ounce, down $13 per ounce.

SILVER

Silver was briefly trading over $20 per ounce this morning, but got sold off with Gold, reaching $19.45 per ounce before finding support.

At 11am PDT today, Silver is down $0.48 per ounce, trading at $19.62 per ounce.