Daily Market Report 8/13/13

GOLD

After a $24 increase yesterday on heavy volume, we saw some short term profit taking this afternoon. Gold did reach $1,340 per ounce this morning before selling off to $1,318 where it found support.

At 11am PDT today, Gold is trading at $1,322 per ounce, down $14 on excellent volume.

India purchases record amount of Gold despite increased duties and Bank regulations

Indians bought more Gold in July than June despite a series of moves by the central bank to strangle supplies, and their insatiable appetite has forced neighboring countries to take steps to curb their own imports. Official data showed on Monday that India’s Gold imports hit $2.9 billion in July, up from $2.45 billion in June, which confirms Finance Minister P. Chidambaram’s fears that demand is on the rise again despite hikes on import duties and steps by the Reserve Bank of India (RBI) to stem supply.

SILVER

Considering Gold declined $14 today, Silver’s performance was extraordinary today. Silver show excellent support above $21 per ounce all day.

At 11am PDT today, Silver is trading at $21.42 per ounce, down only $0.15 per ounce.