Daily Market Report 7/31/13

GOLD

A combination of stronger-than-expected second-quarter growth in the U.S. economy and month end profit taking caused Gold to decline today. Gold is closing the month of July up $90 per ounce (7.3%) and continues to look very bullish for August.

At 11am PDT today, Gold is trading at $1,313 per ounce, down $15 per ounce on light volume.

Collectible Coin Protection Act

It’s my pleasure to report that last night the Collectible Coin Protection Act (HR 2754), the anti-counterfeiting legislation, passed the House of Representatives and now is on the way to the Senate. This legislation is extremely important to the rare coin and bullion community.

SILVER

Silver rallied up to $20.03 per ounce in early morning Asian trading, but couldn’t hold that level and sold off with Gold as trading rolled into Europe. Silver reached a low today of $19.38 per ounce before seeing bargain buying.

At 11am PDT today, Silver is down $0.13 per ounce, trading at $19.60 per ounce on light volume.