Daily Market Report 9/13/13

GOLD

Gold got hammered again today, dropping to as low as $1,305 per ounce on heavy volume. The very important $1,300 per ounce support level will probably be tested by Monday morning, and I expect it to hold. The only news that could be affecting this decline is the possibility of Larry Summers being selected as the new Federal Reserve Chairman. Mr. Summers, an academic economist, is considered a Keynesian and therefore negative on Gold.

At 11am PDT today, Gold is trading at $1,309, down $21 per ounce on higher than average volume for a Friday.

SILVER

In Asia this morning Silver traded in a wide range, trading as low as $21.38 per ounce.

At 11am PDT today, Silver is down $0.32 per ounce, trading at $21.80 per ounce on heavy volume.