Daily Market Report 9/4/12

GOLD

Gold hit a five month high on Friday after the Federal Reserve Chairman Ben Bernanke left the door open for a further round of quantitative easing in a highly-anticipated speech on Friday. As the London market was closing Gold started testing the $1,700 level again and is waiting to break out. We are very close to taking a run past the $1,700 resistance level and once it goes Gold prices should continue to soar. At 11am PST Gold is $1,695 per ounce, up $1.40 on normal volume.

SILVER

Silver has broken through the $32 resistance level. However, considering we saw almost a $2 increase last week it’s possible to see Silver consolidate and pull back. But if Gold takes a run past $1,700 you can expect to see Silver to test its next resistance level which historically has shown to be $35 an ounce. At 11am PST Silver is at $32.43 per ounce, up $0.23 on normal volume.

PLATINUM

The price of Platinum has jumped over 12% since the Lonmin strike began on August 10th. The shortage of supply and the recent Fed announcement have made Platinum a strong investment. At 11am PST Platinum is trading at $1,570 per ounce, up $17.