Daily Market Report 7/1/15
GOLD
Yesterday Greece defaulted on the 1.5 billion euros ($1.7 billion) it owes the International Monetary Fund, becoming the first developed economy to default to the IMF. It is the biggest debt default by a country ever. Greece is 323 billion euros ($352.7 billion) in debt to other European countries, the European Central Bank, and the International Monetary Fund. The sum is equivalent to more than 175% of the country’s GDP. Greece took preemptive measures Monday, closing its banks and markets until July 6. The government in Athens also restricted bank withdrawals on ATM’s to only 60 euros (U.S. $66) a day.
In other news, the U.S. Mint released 1oz Eagles sales numbers for the first six months of 2015.
| Gold | Silver | Platinum | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | 2015 | |
| January | 81,000 | 91,500 | 5,530,000 | 4,775,000 | n/a |
| February | 18,500 | 31,000 | 3,022,000 | 3,750,000 | n/a |
| March | 46,500 | 21,000 | 3,519,000 | 5,354,000 | n/a |
| April | 29,500 | 38,500 | 2,851,500 | 3,569,000 | n/a |
| May | 21,500 | 35,500 | 2,023,500 | 3,988,500 | n/a |
| June | 76,000 | 48,500 | 4,840,000 | 2,692,000 | n/a |
| YTD Total | 273,000 | 266,000 | 21,786,000 | 24,128,500 | n/a |
The U.S. Mint numbers above show that U.S. demand for silver and Gold eagles reminds strong. The U.S. Mint has not produced Platinum Eagles this year.
At 11am PDT today, Gold is trading at $1,170 per ounce down $2 on excellent volume.
SILVER
Silver appears to be locked into a $15.50 to $15.80 per ounce trading range, until Gold provides price direction. At 11am PDT today, Silver is down $0.06, trading at $15.64 per ounce on good volume.
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