Daily Market Report 8/21/14

GOLD

Gold sold off today as Federal Reserve minutes from the Jackson Hole, Wyoming meeting were released this morning. Those minutes show that the Federal Reserve reiterated its current plan to remove stimulus and is considering raising interest rates sooner than most expected. Gold initially sold off $22 per ounce, reaching a low of $1,272 before rallying back.

At 11am PDT today, Gold is trading at $1,276, down $18 per ounce on the largest volume this week.

SILVER

Silver sold off with Gold, but found excellent demand at $19.29 per ounce showing much more price support at current levels. Physical demand for Silver, at current prices, is picking up globally and today’s price support is a good sign for the value of Silver.

At 11am PDT today, Silver is only down $0.07 per ounce, trading at $19.47 per ounce.