Daily Market Report 8/20/12

GOLD

The support price level for Gold is rising above $1,600. Last night Gold traded as low as $1,609 when we saw excellent demand enter the market. The Gold price quickly rallied to over $1,620 per ounce and has stayed in that price area. At 11am PDT, Gold is trading at $1,621 per ounce, up $4.80 on good volume.  

SILVER

Finally, a little life in the Silver market, with volume picking up and the price is up 2% today, reaching a two-month high. At 11am PDT, Silver is up $0.62, trading at $28.75 per ounce on excellent volume.

PLATINUM

The strike at the Lonmin Platinum mining facilities near Marikana, South Africa has not been settled. Platinum production at the mine has stopped and the shortage of above ground Platinum is putting pressure on the physical market price. At 11am PDT, Platinum is up $20 per ounce, trading at $1,491 per ounce on better than average volume.