Daily Market Report 9/5/13

GOLD

Today, a stronger-than-expected U.S. economic report showed an ISM non-manufacturing reading for August at 58.6 versus 56.0 in July which caused the value of the U.S. Dollar to move sharply higher against many of the world’s other currencies and resulted in Gold being driven lower. This morning Gold reached a low of $1,365 per ounce before bargain buying appeared.

At 11am PDT today, Gold is trading at $1,372 per ounce, down $22 on the day on average volume.

SILVER

Silver tested and held above the $23 per ounce support level this morning, reaching a low of $23.03 per ounce. Considering the $22 drop in Gold, Silver has held up very well today.

At 11am PDT today, Silver is down $0.18 per ounce, trading at $23.24 per ounce on light volume.