Daily Market Report 10/2/15

GOLD

After reaching a two week low of $1,104 in early Asian trading, the Gold price quickly rallied. Fresh buying, combined with a weak U.S. Jobs report for September, drove Gold and Silver prices straight up, and drove the Dow Jones down 250 points. Today’s $22 rally in the Gold price was very impressive, as the CME Gold trading volume was double yesterday’s number. At 11am PDT today, Gold is up $22 per ounce, trading at $1,136 per ounce on heavy volume.

SILVER

In early trading the Silver price was driven down to $14.40 per ounce, but when the disappointing U.S. Jobs numbers were released Silver jumped up $.80 per ounce within 30 minutes. Demand for physical Silver investment products continue to run at a record pace around the globe. At 11am PDT today, Silver is trading at $15.20 per ounce, up $0.66 on excellent volume.

Silver Eagle production update
The U.S. Mint has been issuing a weekly sales quota for its flagship 1oz American Silver Eagle since the end of July. A spokesman said its West Point facility is operating three shifts, and paying staff overtime, to meet demand. The mint was forced to stop selling its popular Silver coins for three weeks in July after selling out of inventory due to strong demand.

The U.S. Mint sold 14,268,500 ounces of American Silver Eagles in the third quarter, the highest on record going back to 1986. Please read a great article about the heavy physical Silver demand around the world, and the struggle of Mints to keep up with Silver coin demand: www.mintstategold.com/investor-education/mints_struggle_to_meet_silver_demand/.