Daily Market Report 10/8/13

GOLD

The lack of official economic data due to the government shutdown is resulting in a lower equity market, but has caused precious metals to stay in a tight trading range. Tomorrow the volatility could pick up with the release of the September FOMC meeting minutes in which tapering will be discussed.

Domestic demand for physical Gold is picking up with the U.S. Mint reporting that sales of American Gold Eagles year-to-date reached 910,000 ounces, versus 857,500 ounces in all of 2012.

At 11am PDT today, Gold is trading at $1,323 per ounce, unchanged, on average trading volume.

SILVER

Silver continues to stay above the $22 per ounce price level. At today’s low of $22.11 per ounce demand was excellent.

At 11am PDT today, Silver is up $0.12 per ounce, trading at $22.42 per ounce on good volume.