Daily Market Report 8/8/13

GOLD

Gold rallied $23 today on better-than-expected growth in both Chinese exports and imports data which was released this morning. This news eased concerns about the outlook of China’s economy, and raised hope that stabilization there could propel faster growth worldwide. Chinese exports in July rose 5.1% from a year ago, better than the 3% analysts had expected. And imports surged 10.9%, dramatically better than predicted, indicating a healthy level of domestic consumption.

Today’s rally was a shot in the arm for Gold, rallying above $1,300 is very bullish for Gold.

At 11am PDT today, Gold is trading at $1,309 per ounce, up $23 per ounce on very heavy demand.

SILVER

Silver followed Gold’s rally higher today, and because the Chinese news is basically inflationary, Silver increased at a higher percentage. Silver was finally able to break above the key $20 per ounce resistance level. Hopefully, Silver can hold above $20 per ounce for a few more trading days.

At 11am PDT today, Silver is up $0.60 per ounce, trading at $20.18 per ounce on excellent volume.