Daily Market Report 8/15/13

GOLD

Gold broke above the $1,358 resistance level today, and all the short sellers ran for cover.

At 11am PDT today, Gold is trading at $1,365 per ounce, up $31 per ounce on heavy volume.

Demand for physical Gold investment products show an unprecedented increase

According to information released today from the World Gold Council (WGC) 2nd quarter report, consumers around the world bought 53% more bullion in the second quarter from the same period a year ago. Total purchases of Gold jewelry, bars and coins reached 1,083.2 metric tons.

Of this, India accounted for the biggest share at 310 metric tons, which is a 71% rise from the year earlier, followed by China at 275.7 metric tons, showing an 87% increase. Most Gold analysts knew that demand for physical Gold investment products was increasing, but very few thought the number was that dramatic. Read the complete story at: http://www.mintstategold.com/investor-education/wgc_q2_2013_gold_report/

SILVER

Silver briefly traded above $23 per ounce, reaching as high as $23.21 per ounce on excellent volume. Silver followed Gold’s lead higher but by mid-day temporarily dipped below the $23 per ounce resistance level.

At 11am PDT, today Silver is trading at $22.90, up $1.05 per ounce on excellent volume.