Daily Market Report 7/24/12

GOLD

In light of a global selloff in equity markets and the strength of the U.S. Dollar, the Gold price continues to be very firm. The Eurozone debt crisis is causing chaos in the world’s financial markets. Gold again reached $1,568 per ounce earlier this morning before rallying back to the $1,575 price range. At 11am PDT, Gold is trading at $1,578 per ounce, up $0.20 per ounce on average volume of contracts.    

The Commodity Futures Trading Commission (CFTC) reported that for the week ending July 17th that combined net long position in the Comex Gold was at 152,758 hundred ounce contracts, an increase of 5,520 contracts for the week. This is a moderately bullish short term indicator for Gold. 

SILVER

Silver continues to fight to stay above the $27 per ounce price level. Silver did reach $26.55 per ounce earlier this morning, then, like Gold, rallied to above $27 per ounce. At 11am, Silver is down $0.11, trading at $27.02 per ounce.