Daily Market Report 8/20/13

GOLD

Early this morning the bears were able to lower the Gold price to $1,352 before Asian buying stepped in. The economic problems in India continue to worsen and Gold buying is growing dramatically despite government restrictions. As the Indian currency continues to be devalued against other currencies it is driving the Gold price higher, and creating stronger demand.

At 11am PDT today, Gold is up $7 per ounce, trading at $1,373 per ounce on excellent volume.

SILVER

Silver tested the $23 per ounce support level last night and at one point dropped to $22.30 per ounce when Gold sold off. But, Silver rallied back to $23.35 very quickly on excellent volume.

At 11am PDT today, Silver is trading at $23.06 per ounce, down $0.10 in active trading.