Daily Market Report 9/9/13

GOLD

Gold traded in a narrow $10 price range over the weekend and during Monday’s trading. Gold is showing excellent consolidation in the current $1,360 to $1,420 per range. Demand for physical Gold continues to grow with reports that the COMEX Gold inventories dropped under 700,000 ounces, for the first time ever.

At 11am PDT today, Gold is trading at $1,387 per ounce, up $1 from Friday on average volume.

SILVER

Silver is showing some resistance to get back over the $24 per ounce price level but has great support at the $23.40 level. Considering the recent rally, Silver consolidating in the $23 to $24 per ounce level is very healthy for a long term move higher.

At 11am PDT today, Silver is down $0.10 per ounce at $23.70 per ounce on average volume.