Daily Market Report 7/9/15

GOLD

Gold is trying to consolidate in the $1,155 to $1,165 per ounce area. Speculative and physical demand has been strong when Gold trades down to the lows of $1,150’s or below. Minutes from the Federal Reserve’s last meeting, released yesterday, showed reluctance towards a near-term increase in interest rates which also added support for the Gold price. At 11am PDT today, Gold is trading at $1,161 per ounce, down $3 on excellent volume.

SILVER

Silver tested the $15 per ounce support level earlier this morning, reaching $15.02 per ounce. At that point bargain buying appeared and quickly took the price back to $15.60 per ounce. At 11am PDT today, Silver is at $15.40 per ounce, up $0.20 on good volume.