Daily Market Report 8/24/12

GOLD

The reason for the Gold price increase has been a strong feeling that the FOMC will provide some economic stimulus at its upcoming meeting. This statement from Charles Evans, President of the Chicago Federal Reserve Bank supports that feeling, “Without the need to see more data, I urge central banks around the world, including China and the US, to conduct more monetary easing.” At 11am PDT, Gold is up $2 per ounce, trading at $1,673 per ounce on normal weekend volume.

The Republicans want the U.S. back on a Gold Standard?

The Gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “Gold Commission” set to become part of official Republican policy.  Drafts of the Republican party’s platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and Gold.

SILVER

Silver is showing excellent strength above the very important $30 per ounce price level. At 11am PDT, Silver is trading at $30.60 per ounce, up $0.10 per ounce on average volume.