Daily Market Report 7/9/13

GOLD

Chinese consumer prices rose 2.7% year on year in June, up from 2.1% in May, and the highest since February. Higher pork prices, a major component of China’s consumer price basket, were the biggest contributor to the jump. Rental costs also edged higher, a reflection of how Chinese property inflation has accelerated this year. This news release spurred heavy demand for Gold and Silver in early trading.

At 11am PDT today, Gold is trading at $1,245 per ounce, up $8 per ounce.

After an eight year hiatus the Japanese are buying Gold again

Investors and consumers in Japan – the world’s third largest single economy – are turning from net sellers to buying Gold bullion for the first time in eight years, according to the country’s largest bullion retail chain.

SILVER

Silver tested the $19 per ounce early today and held just before the Chinese consumer data was released. Immediately after that news Silver rallied to $19.55 per ounce on moderate volume.

At 11am PDT today, Silver is up $0.10 per ounce, trading at $19.18 per ounce.