Daily Market Report 7/3/13

GOLD

The Gold price has traded between $1,246 and $1,261 per ounce today on average volume. At 11am PDT today, Gold is trading at $1,253.70 per ounce, up $10.30 per ounce.

Investors swapping paper Gold for physical Gold is increasing

As of June 28, 2013 investors have sold 586 metric tons of paper Gold from their exchange-traded Gold funds since the beginning of the year. These ETF’s held 2,045.4 tons, valued at $81.8 billion, down from a peak of $147.7 billion in October 2012. During the same period of time, the Chinese alone have purchased over 800 metric tons of physical Gold coins, bars and jewelry.

SILVER

At 11am PDT today, Silver is up $0.39 per ounce, trading at $19.87 per ounce on pre-holiday light volume.