Daily Market Report 6/25/13

GOLD

Today I saw a lot of major international banking institutions (HSBC, Deutsche Bank, Morgan Stanley, Goldman Sachs and BNP Paribas) lower their Gold and Silver price forecasts. These statements negatively affected the price of Gold and Silver this morning.

At 11am PDT today, Gold is trading at $1,278, down $2 per ounce on excellent volume.

Central Banks keep buying Gold

Russia and Kazakhstan joined Turkey expanding their Gold reserves for an eighth straight month in May. According to the International Monetary Fund data, Russia, whose Gold holdings are the seventh largest by country, added 6.2 metric tons of Gold last month, a 4 percent increase to 996.2 tons, keeping on pace with last year’s 8.5 percent increase. In 2012 Kazakhstan reported a 41 percent expansion. This year Kazakhstan’s hoard grew 4 tons totaling 129.5 tons, a 12 percent increase.

SILVER

Silver has had a narrow $0.43 high/low price range today from $19.45 on the low to $19.89 on the high.

At 11am PDT today, Silver is unchanged, trading $19.62 per ounce on average volume.