Daily Market Report 10/12/16

GOLD

Gold continues to build a base in the $1,250 to $1,260 price range on good volume. I would expect to see a breakout of this range (hopefully higher) by Friday. Physical demand for popular Gold investment products is very strong in Asian, Middle Eastern, and European markets. At 11am PDT today, Gold is down $3, trading at $1,253 per ounce on normal volume.

SILVER

Silver tested the $17.38 support level this morning and held. Bargain buying remains strong around the globe in the Silver markets at the current price level. At 11am PDT today, Silver is trading at $17.52 per ounce, up $0.02 on average volume.