Daily Market Report 10/10/13

GOLD

Gold continues its bull/bear battle to stay above the important $1,300 per ounce support level. With a possible short term agreement on raising the debt ceiling and ending the government shutdown the equity markets have rallied sharply, but Gold continues to stay in a narrow trading range.

At 11am PDT today, Gold is trading at $1,298 per ounce, down $13 per ounce on good volume.

SILVER

Silver briefly rallied above the important $22 per ounce level this morning but couldn’t hold. Silver seem to be locked into a narrow $21.70/$22.25 trading range awaiting some direction from Gold.

At 11am PDT today, Silver is down $0.16 per ounce, trading at $21.85 per ounce on excellent volume.

India imported 4,073 tonnes of Silver from January to August 2013, more than double the 1,921 tonnes in the whole of 2012, before a jump in prices in the peak season hurt demand. The record high was 5,048 tonnes in 2008, and based on the current demand 2013 could set an all-time high. Read the entire article about Indian Silver demand at http://www.mintstategold.com/investor-education/cat/news/post/indiasilver/