Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Despite increased volatility overnight and into this morning, precious metals closed the New York session today little changed from yesterday�s New York close. Gold traded as low as $1,167 in early New York trading but rebounded quickly back over $1,170. Silver fell sharply in early London trading to as low as $15.48, but it rebounded as well to as high as $15.90 before settling back into range bound trading in New York. Palladium set a new short-term low of $668.50 this morning before rebounding back over $680. Meanwhile platinum remained in a rather tight range between $1,070 and $1,085 per ounce.

Overnight in Asia the Shanghai composite index, China�s largest market, plunged 7.4% as profit taking continued. In the last 12-months the index has more than doubled from under 2,100 to as high as 5,178 on June 12th. Since China�s central bank introduced a series of stimulus measures last November, investors have flooded into the market, but the 60% rally is now bordering on a 20% bear market correction. Today�s plunge follows a 13% drop last week. Morgan Stanly may have contributed to today�s sharp decline, advising investors in a report just before the Asian market opened �not to buy the dip.�

In the U.S. consumer sentiment rose in June to its highest level since January according to the monthly University of Michigan survey of consumers. Chief economist Richard Curtin reported, �Consumers voiced in the first half of 2015 the largest and most sustained increase in economic optimism since 2004. Overall, the data indicate growth in consumer spending of 3% in 2015.� Rising property values, improvements in the labor market and wage growth are factors cited in this improvement in consumer sentiment.

At the Comex close: August gold gained $1.40 to $1,172.90; July silver fell 7 cents lower to $15.74; July platinum was unchanged at $1,084.40; and September palladium fell 75 cents to $678.60 an ounce.