Daily Market Report 08/08/14

GOLD

Gold hit $1,323 earlier this morning before seeing some short term profit taking. The Gold price is showing excellent support above $1,310 per ounce. At 11am PDT today, Gold is trading at $1,310, unchanged from yesterday on normal Friday type volume.

SILVER

Silver is fighting to get back above the $20 per ounce level, reaching a high, at one point today, of $20.20 before seeing heavy selling. Silver price action has been very disappointing considering the recent strength in Gold. The Silver to Gold ratio has now gone above 65 to 1. At 11am PDT today, Silver is up $0.01 from yesterday, trading at $19.96 per ounce on light volume.