Daily Market Report 8/21/13

GOLD

Gold sold off this morning on uncertainty over whether or not the U.S. Federal Reserve would begin curbing its economic stimulus. The Federal Reserve’s July minutes were released today with no firm indications on the future direction of their stimulus programs. Therefore, Gold immediately rallied off the day’s lows.

At 11am PDT today, Gold is trading at $1,370, down $3 per ounce on average volume.

JPMorgan Chase explained that there are some positive seasonality factors coming into play with Gold, and that physical Gold demand still remains strong. Spokesman for Chase said that Gold typically does well in August and September. “We’d encourage short-term investors to consider getting long with a four to five week time horizon”.

SILVER

Silver continues to test the $23 per ounce support level, trading down to $22.75 before bargain buying appeared.

At 11am PDT today, Silver is down $0.04 per ounce, trading at $23.02 per ounce on normal volume of trading.