Daily Market Report 8/2/16

GOLD

For the past six trading days in a row the Gold price has increased. During the same six days, the U.S. equity market has decreased. The start of a trend?? Today, the Japanese central bank announced a new fiscal stimulus package of $276 billion. This decision by the Japanese government is adding more quantitative easing to the world’s economies and is very bullish for Gold. At 11am PDT today, Gold is trading at $1,364 per ounce, up $11 on excellent volume.

SILVER

Silver showed excellent support with strong demand when it reached the $20.30 per ounce level this morning. Silver is now in a new price trading range from $20.30 on the low to $20.80 on the high. At 11am PDT today, Silver is trading at $20.61 per ounce, up $0.19 on excellent volume.