Daily Market Report 9/4/13

GOLD

Recently, the direction of Gold has been determined by the statements coming out of Washington DC in regards to the potential Syrian missile attack. Yesterday, when it looked that there would be congressional support for a limited attack, Gold rallied. The statements this morning were not that supportive of the proposed legislation to attack Syria and Gold dropped to $1,384 before finding bargain buying.

At 11am PDT, Gold is down $22 per ounce, trading at $1,390 per ounce on active trading.

The U.S. Commerce Department reported today that the trade deficit widened in July from an almost four-year low as imports rebounded and exports cooled. The trade gap increased 13.3% to $39.1 billion from $34.5 billion in June which is the smallest increase since October 2009.

SILVER

Silver took direction from the Gold market, dropping to $23.33 per ounce at one point.

At 11am PDT today, Silver is trading at $23.42 per ounce, down $0.90 per ounce on active trading.