Daily Market Report 8/18/14

GOLD

Tensions in Ukraine and the Middle East have largely contributed to Gold’s near 8 percent gain this year. Gold fell below $1,300 an ounce today on easing Ukraine tensions and a steadier U.S. Dollar. The dollar gained 0.2 percent against a basket of currencies (after a sixth straight weekly loss) after a report showed confidence among U.S. homebuilders reached the highest level in seven months, bolstering the case for an accelerating U.S. economy.

The latest World Gold Council Gold Demand Trends report, covering the period of April – June 2014, shows that global Gold demand continues to demonstrate a return to long-term trends after an exceptional year in 2013. To read the complete WGC Gold Demand Trends Q2 2014 report click here.

At 11am PST Gold is trading at $1,298.11, down $5.74 on average volume.

SILVER

The pace of U.S. economic growth is much slower now than markets wanted to see. It is almost as if we are in a holding pattern with the markets showing no decisive direction, which is typical for this time of year as summer comes to an end. Last week, Silver lost 1.83% for the week, not showing any real strength. The Silver price is remaining cautious as it waits for direction from Gold.

At 11am PST Silver is trading at $19.64, up $0.08 on normal volume.