Daily Market Report 8/22/13

GOLD

Early morning Asian trading drove Gold down to a low of $1,355 per ounce. But at that price, consistent with recent demand, we have seen sizeable demand drive the price back above $1370 per ounce. Yesterday there was no clear message about future stimulus provided in the Federal Reserve minutes and Gold & Silver continue to look very attractive at current price levels.

At 11am PDT today, Gold is trading at $1,373 per ounce, up $3 on average volume.

SILVER

Silver keeps testing the $23 per ounce support level and holding. This morning Silver sold off and reached $22.45 per ounce, before seeing bargain buying which drove it back up to above $23. Silver is about as short term bullish as I have seen it in the past six months.

At 11am PDT today, Silver is unchanged at $23.02 per ounce.