Daily Market Report 10/3/13

GOLD

Gold is trading today between $1,305 and $1,325 per ounce on light volume, waiting for some direction out of Washington or Asia. The Chinese markets open up on Monday and volume and demand should be strong.

At 11am PDT today, gold is trading at $1,309 per ounce, down $8 per ounce on average volume.

IMF managing director Christine Lagarde says failure to raise the US debt ceiling would be a far worse threat to the global economy than the current shutdown.

SILVER

Silver continues to show excellent support at the $21.40 per ounce level, with resistance at $22 per ounce.

At 11am PDT today, silver is unchanged at $21.70 per ounce.