Daily Market Report 7/7/15

GOLD

Gold sold off this morning as the ECU and IMF continue to negotiate with Greece over the debt crisis. Gold reached a low of $1,146.80 (above the $1,141 support level) in early trading on concerns that the ECU would force Greece into debt default and allow them to leave the Euro. At that price level, CME trading volume and demand dramatically increased. At 11am PDT today, Gold is trading at $1,155 per ounce, down $18 on heavy volume.

SILVER

This morning Silver hit a low of $14.62 per ounce, the lowest price in years. CME trading volume was the highest this year as the Silver price bottomed out and started moving higher. At 11am PDT today, Silver is down $0.72 per ounce, trading at $15.05 on heavy volume.