Daily Market Report 7/20/12

GOLD

Banking debt and austerity issues in Spain have caused weakness in the Euro currency and strength in the U.S. Dollar. A stronger U.S. currency normally causes Gold to sell off, but not today. For most of the day Gold has held above $1,580 per ounce on better the average demand for Friday trading. At 11am Gold is up $3.10, at $1,584.80 per ounce. 

SILVER

The price of Silver continues to stay in a very narrow trading range. Global demand for Silver continues to be strong at the current price, but that demand is primarily bargain buying when Silver hit its recent lows in the $26.50 per ounce price area. At 11am PDT, Silver is trading at $27.32, up $0.05 per ounce.