Daily Market Report 8/29/13

GOLD

Gold has tested the $1,400 per ounce support level today, reaching a low of $1,402 per ounce this morning. Volume of trading today has been moderate, because traders are mostly neutral to bullish going into the long holiday weekend.

At 11am PDT today, Gold is down $9, trading at $1,412 per ounce on average volume.

SILVER

After three days above the $24 per ounce level, today, Silver is testing to see if $24 provides any support. Silver did reach $23.66 per ounce before rallying back above $24.

At 11am PDT today, Silver is at $24.02 per ounce, down $0.36 per ounce.

The U.S. mint reports that as of today they have sold over 33 million 1oz .999 Silver eagles. Considering the total production for 2012 was 33 million, and we have four months left in the year my estimate for year end is 42 million, an all-time record.