Daily Market Report 8/15/12

GOLD

Yesterday for the 15th time in the past couple months, Gold tested the $1,600 per ounce support level. After reaching $1,590 per ounce we saw heavy demand come into the Gold market and the price quickly rallied back above $1,600 per ounce, closing at $1,601.40. Today, the price of Gold reached $1,607 in the U.S. market, before seeing some trade selling. At 11am PDT, Gold is up $4.40, trading at $1,604.60 per ounce, on excellent summer volume. 

Billionaires Keep Increasing Their Gold Holdings

Billionaire investors George Soros and John Paulson increased their Gold investments in the second quarter of 2012. Based on just released U.S. Securities & Exchange Commissions filings for the quarter that ended June 30th, both men dramatically increased their Gold investments. George Soros doubled his Gold holdings to 88,440 ounces, while Paulson & Company added 450,000 ounces during the same period, and now holds 21.8 million ounces of Gold. 

SILVER

Silver is truly range bound from $27.50 to $28.50 on light volume. At 11am PDT, Silver is up $0.05, trading at $27.84 per ounce on very light volume.