Daily Market Report 9/10/15

GOLD

Gold attempted to break its important $1,100 support level this morning, reaching a low of $1,104 in early Asian trading. At that point, demand and volume increased, driving the price back to $1,110 per ounce. The recent weakness in the Gold price has been caused by strong U.S. economic data, and outflows from bullion-backed exchange traded funds sapped investor interest. Gold could stay in an $1,100 to $1,120 per ounce trading range ahead of the upcoming Federal Reserve policy meeting on September 16-17. At 11am PDT today, Gold is trading at $1,111 per ounce, up $5 on the day with good volume.

SILVER

This morning Silver showed excellent demand on Asian markets when the price traded down to the $14.50 per ounce level. The U.S. Mint is catching up with demand for the 1oz Silver Eagles, minting over a million coins in the first week of September. I expect to see the premium on Silver Eagles to start dropping soon. At 11am PDT today, Silver is up $.05 per ounce, trading at $14.67 on average volume.