Daily Market Report 8/5/15

GOLD

This morning the Wall Street journal reported that Atlanta Federal Reserve President, Dennis Lockhart, said it would take "significant deterioration" in the U.S. economy for him to not support an interest rate increase in September. Many precious metal analysts still believe higher interest rates are negative for Gold and Silver, so both are weaker this morning. However, there is a major buyer in the world’s Gold markets making sizeable purchases above $1,080 per ounce. Many professional traders are waiting for direction after the July employment data, which is due out on Friday morning. At 11am PDT today, Gold is trading at $1,086 per ounce, down $3 on excellent volume.

SILVER

Silver continues to show excellent price support and demand above $14.50 per ounce. With the U.S. Mint catching up with back orders on the 2015 Silver Eagles, the premiums over spot have begun to fall. At 11am PDT today, Silver is up $0.04, trading at $14.62 per ounce on excellent volume