Daily Market Report 7/1/13

GOLD

Today, Gold moved higher from the opening gun in Asia. Demand is strong and the price reached a high of $1,262 per ounce before seeing any serious selling. There has been a nice increase in open interest in the CME’s Gold contracts today, an excellent sign of new buying. At 11am PDT today, we have Gold up $31 per ounce, trading at $1,257 per ounce on heavy volume. The big question today is, was last Friday’s inter-day reversal (with Gold making new lows of $1,180 per ounce and closing up on the day, near the highs) and today’s $30 rally a bullish sign for the future of Gold or is it a “Dead Cat Bounce”? In this Week’s Market Report I provide my belief that last Friday’s trading action was the culmination of portfolio and fund managers “Window Dressing” transactions, for an full explanation please view http://www.mintstategold.com/investor-education/cat/markets/

SILVER

Silver moved higher this morning, taking its lead from Gold, and briefly stayed above the $20 per ounce level. Silver reached $20.14 per ounce before selling drove the price back to $19.70 per ounce. This was very disappointing considering the $30 up move in Gold, and a $35 rally in Platinum today. At 11am PDT today, Silver is trading at $19.61 per ounce, up $0.07 per ounce on good volume.