Daily Market Report 8/28/14

GOLD

As we move out of the summer months and head into the traditional heavy Gold demand period, Gold is moving higher. Starting in September, the Gold jewelry manufactures start acquiring Gold bullion to fill the holiday season demand. Asian Gold jewelry demand is expected to increase over the record 2013 levels. After hitting a low of $1,273 per ounce on Monday, the Gold price has rallied $17 per ounce on bargain buying.

At 11am PDT today, Gold is trading at $1,290 per ounce, up $6.50 per ounce on average volume.

SILVER

Silver followed Gold’s lead during trading hours. At one point, Silver reached $19.92 per ounce before seeing short sellers hit the bids. At 11am PDT today, Silver is up $0.10 per ounce, trading at $19.56 per ounce on normal volume.