Daily Market Report 7/3/12

GOLD

Gold received renewed buying interest due to a surprise downturn in US and Chinese manufacturing data released late yesterday and this has reignited hopes of further Federal Reserve, Asian and European monetary stimulus. At 11am PDT, Gold is up $20.20, trading at $1,621.20 per ounce on light holiday trading volume. 

SILVER

Finally, Silver has had a strong rally above the $28 per ounce resistance level.  Silver hit $28.58 per ounce earlier this morning before we saw some light selling. At 11am PDT, Silver is trading at $28.35 per ounce, up $0.66 per ounce on light volume.