Daily Market Report 9/17/12

GOLD

With the Jewish Holiday (Rosh Hashanah) and the recent run on Gold last week, we are seeing a slight profit-taking-day today on lower than normal volume. I would expect to see more action later this week, but even with the profit taking, Gold is holding strong above the $1,760 level. At 11am PST Gold is trading at $1,762.40, down $8.10 an ounce on slightly below normal volume.

SILVER

As expected, Silver is following Gold’s lead and is slightly down for the day. Currently, Silver is showing strong support above the $34 level; however, if anything happens with Gold as it approaches the $1,800 level, don’t be surprised to see Silver blow through the $35 per ounce level. At 11am PST Silver is trading at $34.15, down $0.53 an ounce.

PLATINUM

With the recent news that work in South Africa will resume shortly, Platinum is seeing a correction in price. After it’s extremely aggressive run, it was about time to start seeing a correction in price. At 11am PST Platinum is trading at $1,666 an ounce, down $39.