Daily Market Report 9/3/13

GOLD

Over the long holiday weekend Gold broke below the $1,400 per ounce support area, reaching $1,384 per ounce. Then, on an official announcement from China regarding its August PMI (factory activity) hitting a 16-month high, Gold jumped back above $1,400. This increase in Chinese PMI is the fastest pace of growth in more than a year, showing a sizeable jump in new orders. This news combined with a South African Gold mine strike and the possibility of a Syrian air strike should keep Gold strong this week.

At 11am PDT today, Gold is trading at $1,412 per ounce, up $15 on excellent volume.

SILVER

Silver did breakdown with Gold during the long weekend, reaching at low of $23.20 per ounce before sizeable demand came into the market.

At 11am PDT today, Silver is up $0.82 per ounce, trading at $24.32 per ounce on better than average volume.