August Gold closed up 5.6 at 1271.3. This was 9.3 up from the low and 5.5 off the high.

July Silver finished down 0.00122 at 0.17305, 0.00115 off the high and 0.0008 up from the low.

 

The bull camp will suggest that gold was lifted today because of increased economic uncertainty from the US, unfolding weakness in the US dollar and because of favorable internal fundamental supply-side information. News that Chinese gold production in the first quarter declined by 9% relative to year ago levels provided a fresh bullish theme from the supply front. Another issue that might have provided support to gold prices today was news that a Chinese investment group bought 10% of the top Russian gold minor as that helps to improve investment interest in gold and it also creates some bullish buzz for gold in general. While the PGM complex might have drafted some support from the gold market today, it is also likely that prices were lifted as a result of ongoing concerns toward South African platinum mining company Lonmin as the company is being forced to prove it remains viable. In the event the South African platinum mining sector sees contraction or failures, that could instantly shift the supply and demand equation in favor of the bull camp in platinum and palladium.