Daily Market Report 8/13/15

GOLD

After a five day Gold rally which took the price from $1,086 to $1,125 per ounce (a $39 increase) we saw some short term profiting taking today. This is the fourth day above the important $1,100 per ounce level and demand remains strong on both futures contracts and physical products. At 11am PDT today, Gold is trading at $1,116 per ounce, down $8 per ounce on normal volume.

SILVER

I believe we are beginning to see a new trading range for Silver, between $15.30 and $15.60 per ounce. After Silver’s recent price rally, a price consolidation at the higher levels would be healthy. At 11am PDT today, Silver is down $0.05, trading at $15.47 per ounce on average volume.