Daily Market Report 8/4/16

GOLD

This morning there was an interest rate cut by the Bank of England (BoE) from 0.5% to 0.25%. This was the first cut in seven years and a direct result of the economic crisis caused by BREXIT. This move by the BoE reaffirms Gold as the go-to asset in times of economic crisis, and the Gold price reacted positively. At 11am PDT today, Gold is trading at $1,361 per ounce, up $3 on good volume.

SILVER

Silver tested its $20 per ounce support level this morning, reaching $20.09, and held. Demand has been strong when it drops below the $20.30 per ounce level. At 11am PDT today, Silver is unchanged, trading at $20.42 per ounce on excellent volume.