Daily Market Report 9/30/13

GOLD

Today the Gold price has been as high as $1,344 and as low as $1,323 based on the news coming out of Washington about the possibility of a U.S. government shutdown tomorrow after the Republican-controlled House of Representatives, early on Sunday, passed a measure that ties government funding to a one-year delay of Obama’s landmark healthcare restructuring law. The President has said he would veto this legislation.

The European Central Bank finds itself in the spotlight this week as it mulls ways of curbing expectations of rising interest rates and boosting chronically weak credit in the Eurozone.

Another negative for Gold today was that Chinese manufacturing activity ticked up more slowly than expected in September, according to a survey on Monday, a sign that the world’s No. two economy’s gradual recovery from an extended slowdown could be more fragile than previously thought.

At 11am PDT today, Gold is trading at $1,330 per ounce, down $7 per ounce on heavy volume.

SILVER

Silver made another attempt to break above the $22 per ounce resistance level and could not hold.

At 11am PDT today, Silver is unchanged at $21.77 per ounce on average volume.