Daily Market Report 8/19/13

GOLD

Gold is consolidating today in the $1,362 to $1,385 per ounce range. After a $59 per ounce increase last week, I am very happy to see Gold stabilize in the current price range. After a $185 increase in price from the June 28th low, some of the large investment banks and brokerage firms are becoming more optimistic about the year-end Gold price.

At 11am PDT today, Gold is down $3 per ounce, trading at $1,366 per ounce on average volume.

SILVER

After a $2.92 per ounce increase last week, Silver is showing excellent support above $23 per ounce. It would be very healthy for Silver to build a base for a week or two above $23 per ounce. Physical demand for Silver investment products in Asia is surprisingly strong considering it’s the summer.

At 11am PDT today, Silver is trading at $23.16 per ounce, down $0.09 on average volume.