Daily Market Report 9/9/15

GOLD

Today, Gold fell to a three-week low of $1,101.30 as many of the world’s stock markets strengthened and the U.S. Dollar moved higher. The $1,100 level is an important support price for Gold. After reaching today’s lows the Gold demand increased. At 11am PDT today, Gold is down $17 per ounce, trading at $1,106 per ounce on heavy volume.

This increased demand continues and is being bolstered by official Chinese demand. The People’s Bank of China (PBOC) added another 15.98 tonnes of Gold in August – at the same time that its foreign exchange reserves fell a whopping $94 billion. The Chinese continue to diversify out of the dollar and into Gold.

SILVER

Silver took another run at its resistance level of $15 per ounce, reaching $14.97 in early Asian trading. At that point there was short term profit taking and some professional short selling and the price moved lower. At 11am PDT today, Silver is trading at $14.62 per ounce, down $0.14 per ounce on excellent volume.