Daily Market Report 8/6/13

GOLD

Gold was sent lower last with Europe’s improving economic reports. Another negative that caused Gold to move lower this morning was that the holdings in the SPDR Gold Trust, (GLD) the world’s largest gold-backed exchange-traded fund, (Paper Gold) fell on Friday to 917 tonnes, a four-year low.

At 11am PDT today, Gold dropped $20 per ounce, trading at $1,283 per ounce on high volume.

SILVER

Silver traded in a narrow $0.35 price range today, with $19.84 on the high and $19.49 being the low. Considering Gold’s breakdown below the important $1,300 per ounce price level, Silver held up well.

At 11am PDT today, Silver is trading at $19.55 per ounce, down $0.18 per ounce.