Daily Market Report 07/22/14

GOLD

This morning, Gold tested and held above its $1,300 per ounce support level, reaching $1,302 before sizeable purchasing hit the U.S. Gold markets on increased trading volume. After last week’s massive sell orders and $30 decline, Gold needs to consolidate above the $1,300 per ounce level, and that is what it is doing.

At 11am PDT today, Gold is trading at $1,307 per ounce, down $6 on increased trading volume.

Russia Keeps Building their Gold Reserves

Based on the latest update of the Russian central bank, it appears that Russia added another 500,000 ounces of physical Gold to their reserves in June 2014. Total Russian Gold reserves now stand at 35,200,000 ounces, which equals 921.35 metric tonnes. Russia is among the top 8 countries based on the officially reported Gold reserves.

SILVER

Silver is actually showing more price strength then Gold. As Gold sold off this morning reaching $1,302, Silver initially reacted by declining to $20.73, then quickly rallied back to the $21 per ounce resistance level. At 11am PDT today, Silver is trading at $20.96 per ounce, unchanged from Monday’s price.