Daily Market Report 8/1/13

GOLD

Yesterday was an unusual whipsaw-day in the Gold pits. Gold traded very actively between $1,304 and $1,339 per ounce numerous times after the FOMC statement was released.

The Federal Open Market Committee (FOMC) issued a 700-word statement on Wednesday, but all they really needed to say was no changes. The Fed’s policy-making committee voted to press ahead for now with its campaign to increase job creation. And its statement said nothing about how much longer it would continue to add $85 billion a month to its holdings of mortgage-backed securities and Treasury securities. But the Fed left its economic outlook basically unchanged, suggesting that the central bank still intended to reduce the volume of its purchases later this year.

At 11am PDT Today, Gold is trading at $1,313 per ounce, unchanged from yesterday.

SILVER

Again Silver briefly traded above the $20 per ounce level early this morning, but couldn’t hold. It is disappointing to see heavy resistances every time Silver attempts to break above $20 per ounce.

At 11am PDT today, Silver is trading at $19.66 per ounce, up $0.06 per ounce on light trading.