Daily Market Report 10/3/13

GOLD

Gold tested the $1,300 support level early this morning and held. Gold then quickly rallied back up to $1,320 per ounce on excellent volume. The current government shutdown and congressional problems continues to confirm the basic fundamental reasons for Gold ownership, and should the U.S. default on its debts in two weeks, we should see a sharp rally.

At 11am PDT today, Gold is trading down $1, at $1,317 per ounce on excellent volume.

SILVER

Silver trading has stayed in a thin price range today, from $21.40 on the low to $21.86 on the high, waiting for some direction from Washington, and the financial markets.

At 11am PDT, today Silver is down $0.05 per ounce, trading at $21.70 per ounce on average volume.