Daily Market Report 7/23/12

GOLD

Gold declined this morning based on the continued Spanish and Italian Banking debt crisis that is driving down the Euro, equities, and precious metals around the globe. Earlier this morning Gold reached $1,562 per ounce, when massive demand caused the market to increase $10 per ounce. The price of Gold doesn’t want to go below $1,560 per ounce. At 11am PDT, Gold is down $7 per ounce, trading at $1,577.80 per ounce on excellent volume.

SILVER

Silver followed Gold, first declining to $26.60 per ounce, than rallying back above the $27 per ounce level on increasing volume. At 11am PDT, Silver is trading at $27.13 per ounce, down $0.19 on respectable volume.

PLATINUM & PALLADIUM

Both of these markets are looking like outstanding values, with Platinum trading at a $160 discount to Gold, and Palladium trading at only 37% of the spot Gold price. The value of both of these metals is directly affected by global automobile production and that number has been increasing. Both Platinum and Palladium are the primary agents in catalytic convertors for the emission systems in automobiles. I strongly recommend making one or both of these metals 15% of your precious metal investment holdings.