Daily Market Report 7/15/15

GOLD

This morning Federal Reserve Chair, Janet Yellen, told Congress that the Fed still plans to begin raising interest rates this year amid an improving economy, but that it will likely push them up gradually. As mentioned yesterday, Gold reacted by immediately hitting the recent low of $1,141 per ounce and then quickly rallied on increasing volume. At 11am PDT today, Gold is down $6 per ounce, trading at $1,149 per ounce on excellent volume.

SILVER

The U.S. Mint has temporarily stopped selling Silver Eagles. This happens from time to time and the premium increases due to an immediate shortage. Please don’t over-react; just wait for the U.S. Mint to start delivering Silver Eagles again, probably later this month or early August. Silver tested the $15 per ounce support level this morning, reaching $14.99 per ounce at one point. Silver quickly rallied back to $15.35 after bargain buyers stepped in. At 11am PDT today, Silver is trading at $15.14 per ounce, down $0.24 on excellent volume.