Daily Market Report 9/30/15

GOLD

To say I was disappointed with the decline in the Gold price today, breaking below the $1,120 support level, would be an understatement. Hopefully, today’s decline is temporary and it will move back above the $1,120 level by the weekend. However, if the price doesn’t recover quickly, we could see another test of the long term support level of $1,100 per ounce. At 11am PDT today, Gold is down $11 per ounce, trading at $1,116 per ounce on above average volume.

SILVER

In the face of an $11 decline in the Gold price, Silver has shown excellent support above the $14.50 per ounce level this morning. Silver did hit a low of $14.45 per ounce, before bargain buying appeared. At 11am PDT today, Silver is trading at $14.55 per ounce, down $0.07 per ounce on good volume.