Daily Market Report 9/12/14

GOLD

Gold hit a new weekly low of $1,228 per ounce this morning in especially active trading for a Friday, before rallying back above $1,230 per ounce. The bears have control of the Gold market and they have the bulls on the ropes. I look for a turn upwards in the Gold price next week. I believe the bears may take one more shot at driving Gold down to the long term support level of $1,200.

At 11am PDT today, Gold is trading at $1,231 per ounce, down $8 on active trading.

SILVER

Silver hit a new 2014 low this morning, reaching $18.44 per ounce. At that point bargain buyers appeared rallying the price up $0.30 per ounce.

At 11am PDT today, Silver is trading at $18.58 per ounce, down $0.04 per ounce with active trading.