Daily Market Report 07/31/14

GOLD

I am really having a difficult time understanding why Gold sold off 1% today, with what is happening around the world. This could just be a temporary setback, because historically, Gold increases when geopolitical crises and wars are happening. $1,285 per ounce is an important support level and Gold hit a low of $1,281 this morning.

At 11am PDT today, Gold is trading at $1,283 per ounce, down $12 per ounce on average volume.

SILVER

Today, Silver reached a low of $20.32 per ounce on light selling. $20 an ounce is a very important support level and Silver could test that level quickly with the current weakness in Gold. At 11am PDT today, Silver is down $0.15 per ounce, trading at $20.40 on normal volume.