Daily Market Report 9/10/13

GOLD

Gold fell $23 per ounce today after the Russian proposal to put Syria’s chemical weapons under United Nation’s control gained international acceptance. This news has calmed the worries about a potential U.S. led strike against Syria, especially after Syria accepted the proposal. Gold traded as low as $1,358 per ounce this morning before sizeable demand appeared taking the market back above the $1,360 per ounce support level. There was substantial professional trading in the $1,360 to $1,365 price area.

At 11am PDT today, Gold is trading at $1,365 per ounce, down $22 per ounce on heavy volume.

SILVER

Silver continues to show heavy demand at the $23 per ounce support level.

At 11am PDT today, Silver is down $0.70 per ounce, trading at $23 per ounce on heavy volume.