Daily Market Report 7/13/12

GOLD

Based on a weaker dollar and excellent Asian demand, Gold rallied today. At 11am PDT, Gold is up $20.70, trading at $1,590.10 per ounce. I look for Gold to move above $1,600 per ounce again next week.

I’ve attached an extraordinary 100+ page article on Gold by the Erste Group Research called “In Gold We Trust” making the case why you should take your holding of Gold up to 25% of your investment holdings right now.  http://www.mintstateGold.com/investor-education/in_Gold_we_trust/  (note: opens in separate tab/window)

SILVER

Silver followed the Gold price today, staying above the $27 support level all day. Silver closed at $27.38, up $0.18 per ounce on average volume.

THE U.S. TRADE DEFICIT KEEPS ON GROWING

The U.S. Commerce Department said that the trade deficit fell 3.8 percent to $48.7 billion in May, down from $50.6 billion in April. Exports rose 0.2 percent to $183.1 billion. The increase reflected stronger sales of telecommunications equipment, heavy machinery and food. Exports to the 27-nation European Union rose 2.6 percent in May from April. Imports dropped 0.7 percent to $231.8 billion. The amount the U.S. spent on imported oil fell to the lowest level in 15 months.