Daily Market Report 9/11/14

GOLD

Gold moved back above the key $1,250 price level last night, but the bears came back and drove the price back down to $1,234 per ounce. Trading volume has not been very high considering this is a breakdown of a major support level.

At 11am PDT today, Gold is down $7 per ounce, trading at $1,239 per ounce on average volume.

SILVER

Silver hit a new 2014 low this morning reaching $18.55 per ounce. Remember that on June 28, 2013, Silver hit $18.17 before rallying $1.50 per ounce in just two days, and ultimately reaching $25.12 in less than two months.

My point is... when the Silver market turns up, it will move quickly.

At the current level, Silver is an extraordinary bargain and a long term value play.

At 11am PDT today, Silver is trading at $18.62 per ounce, down $0.32 per ounce on the highest volume of the week.