Daily Market Report 9/16/13

GOLD

The surprise announcement that Larry Summers was withdrawing from possibly being selected as the next Federal Reserve chairman rallied Gold in early morning Asian trading. Mr. Summers, an academic economist, is considered to be a Keynesian and therefore negative on Gold.

At 11am PDT, Gold is up $9 per ounce, trading at $1,318 per ounce on heavy volume.

SILVER

Silver is fighting to stay above the $22 per ounce support level today, after trading as low as $21.65 before the Larry Summer announcement. Physical demand for Silver investment products still remains at all-time highs domestically and internationally.

At 11am PDT, Silver is trading at $22 per ounce, up $0.20 per ounce on excellent volume.