Daily Market Report 8/16/13

This was a great week for all my clients. Some weeks make my Gold investors happy, other weeks my Silver investors enjoy counting their profits. Recently many of our rare coin investors/collectors are looking at recent auctions sales with a smile on their face, but this week everyone is feeling wealthier. The week ending August 16, 2013 is a week to remember.

GOLD

Yesterday, MacNeil Curry, the head of global technical strategy at Bank of America Merrill Lynch, said that there is probably "further upside" in Gold. In fact, he’s "looking for a move up to the $1,410, potentially $1,450 area.”

At 11am PDT today, Gold is trading at $1,371 per ounce, up another $6 per ounce for the day and up $59 per ounce for the week on excellent volume.

SILVER

Silver was really the stellar performer of the week. Silver was up $2.90 per ounce for the week, a whopping 14.2% increase in just one week. I believe the increasing demand for physical Silver combined with the bullish Chinese economic data released earlier this week caused Silver to breakout and it just kept on moving higher.

At 11am PDT today, Silver is trading at $23.30 per ounce.