Daily Market Report 10/2/12

GOLD

Today was definitely a consolidation day for Gold, as the price stayed within a $14 low/high price range. At 11am PDT Today Gold is trading at $1,775.60, down $4.20 per ounce.

I believe we are going to see many more central banks following the lead of the European Central Bank, the U.S. Federal Reserve, Chinese Central Bank and the Bank of Japan in adopting sizeable stimulus measures to spur economic growth in their countries. This will continue to benefit the Gold and Silver price, which is a good hedge against out of control paper money printing.

Today, Gold prices are forecast to rise above $2,200 an ounce in 2013, supported by central bank stimulus action, said a German-based Deutsche Bank.

SILVER

Silver has also been trading in a narrow 80 cent price range today, building an excellent base. At 11am PDT today Silver is down 18 cent per ounce, trading at $34.73 per ounce with a normal volume of contracts.