A-Mark Bullion Update
Greece is back in the headlines and there is optimism that Athens will accept a new proposal from creditors.  Eurozone inflation rose for the first time in six months while US factory orders unexpectedly fell in April. The combination of these headlines has the euro up nearly 2% today, having moved solidly through previous resistance at 1.10. Gold has had a disappointing reaction to the weaker USD today and is up a paltry $3. After ultimately failing to hold above $1,200 yesterday, it feels like gold wants to test lower.
Physical demand remains weak. The SPDR gold ETF continues to shed ounces and holdings now hover right around lows last seen in January. In Turkey, gold imports have slid to a 10-month low because of the price surge in the lira. Coin demand in the US is bleak which is best exemplified by the US Mint removing an allocation cap to distributors on silver eagle orders.
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Lynette Zang
Chief Market Analyst, ITM Trading