Gold is trading in the $1,280 range

GOLD

For most of today, the yellow precious metal is trading in the $1,280 range. When it dropped below that price this morning we saw buying come right in. Awaiting the Fed Beige Book and an update on the economy, Gold is down today while the U.S. Dollar appears to be stronger ahead of the report. It appears that Wall Street traders are expecting good information regarding factors like employment when the Fed releases its report at 11am PST today. The Beige Book from the Fed is a report released 8 times a year, collecting information from all the Districts to discuss various issues related to the economy. In this edition they will most likely be covering topics including employment and how the hurricanes have affected our economy. At 11am PST today, Gold is trading at $1281 per ounce down $2 on heavy trading volume.

SILVER

We saw Silver drop below the $17 per ounce level during overnight Hong Kong and London trading. Silver came back above the $17 level as New York trading hours began. I’d like to see how this level holds in regards to the Fed’s Beige Book being released but Silver is working hard to hold above $17 so any drops would most likely be temporary. At 11am Silver is at $17.05 per ounce down $0.02 on strong volume.