Daily Market Report 7/28/15

GOLD

Gold traded today in a very tight $8 high/low range, from $1,091 on the lows to $1,099 on the highs. It appears traders are waiting for direction from the upcoming Federal Reserve meeting. Demand for physical Gold products is very strong with the U.S. Mint reporting 157,000 ounces of U.S. Gold Eagles sold in July; that’s double the June sales. At 11am PDT today, Gold is trading at $1,096 per ounce, unchanged from yesterday on good volume.

SILVER

Silver has traded today in a $14.50 to $14.75 per ounce price range with good demand. The U.S. Mint has resumed accepting orders for Silver Eagles. I would expect to see premiums on Silver Eagles start dropping very soon, after the backlog is cleaned up. At 11am PDT today, Silver is up $0.05 per ounce, trading at $14.70 on excellent volume.