Daily Market Report 7/26/13

GOLD

The Gold market has now been up for three consecutive weeks, definitely breaking the recent downtrend. In my opinion the bull market in Gold is back and we should continue to see increases on a weekly and/or monthly basis.

At 11am PDT Today, Gold is trading at $1,322 per ounce, down $7 per ounce on average volume.

CENTRAL BANKS CONTINUE TO BUY

Russia and Kazakhstan expanded their Gold reserves for a ninth straight month in June as purchases slowed amid a price slump. According to the International Monetary Fund data, Russian holdings, the seventh largest by country, climbed 0.3 metric tons to 996.4 tons, the smallest gain since reserves started to increase in October. The data also showed that Kazakhstan’s hoard grew 1.4 tons to 130.9 tons, the smallest expansion since March. Hedge funds have also been actively increasing their Gold holdings.

SILVER

Silver was unable to hold the $20 per ounce support level, trading down to a low of $19.67 per ounce today.

At 11am PDT today, Silver is down $0.40 per ounce, trading at $19.80 per ounce on light volume.

The U.S. Mint reported today that since the 1st of the year they have sold 28,500,000 1oz Silver Eagles, a 45% increase over the same period last year. The Mint’s sales are on track to reach a new all-time record of over 40,000,000 Silver eagles.