Daily Market Report 08/11/14

GOLD

Gold is trading today in a narrow $6 high/low trading range from $1,305 to $1,311 on average volume. Gold continues to build a base above $1,300 per ounce as it consolidates recent gains. At 11am PDT today, Gold is trading at $1,308, down $2 per ounce on average volume.

SILVER

Silver continues the bull/bear fight to stay above $20 per ounce. At 11am PDT today, Silver is up $.06, trading at $20.02 per ounce on normal volume.

Chinese Silver inventories continue to drop as stocks of good delivery physical Silver bars at the Shanghai Futures Exchange fall to record low levels. It is truly amazing to see the extraordinary demand for Silver bars causing the decline of inventories at the Shanghai Futures Exchange since March of 2013.