Gold Finds Support From August Consumer Spending Report

GOLD

Gold has traded today in the $1,955 to $1,975 per ounce range. Demand continues to remain strong around the world while showing excellent price support over $1,950 per ounce. In the U.S., Gold found support from the August consumer spending report, showing retails sales falling 0.1%. At 11 am PT today, Gold is trading at $1,961 per ounce, up $4 on good volume.

SILVER

Silver stayed above $27 per ounce for all of the trading day, reaching a high of $27.52 before seeing some light profit-taking. If Gold stays above $1,950 per ounce, Silver should stay above $27 as it builds a nice firm base for the next leg higher. At 11 am PT today, Silver is up $0.08 per ounce, trading at $27.32 on average volume.