Daily Market Report 7/17/15

GOLD

A combination of a strong U.S. Dollar and the release of disappointing news from the Chinese government about its Gold reserves pushed the Gold price to new 2015 lows this morning. Today, the Gold price broke down below its 2015 low of $1,141 per ounce, reaching $1,129 per ounce on active volume.

With news about Greece and Iran behind us, a major factor affecting precious metals is the strength of the U.S. Dollar, which hit a recent high of $1.07 to the Euro this morning. Gold was also negatively affected by China’s announcement today of its Gold reserves. An increase of only 604 metric tonnes since 2009 was very disappointing to Gold market watchers. Many analysts were expecting an increase of 2,500 metric tonnes in China’s Gold reserves. For more details please read the article at: http://www.mintstategold.com/investor-education/cat/news/post/china_gold_hoard_mystery/

At 11am PDT today Gold is trading at $1,134 per ounce, down $11 on active volume.

SILVER

When Gold declined in early trading, Silver broke below its $15 price level on moderate volume. Silver reached a low of $14.84 before finding bargain buyers. At 11am PDT today, Silver is down $0.12 per ounce, trading at $14.90 per ounce on average volume.