Daily Market Report 10/11/12

GOLD

Gold has been trading in a very narrow $12 trading range all day, with a low of $1,764 and a high of $1,776. This is normal during a consolidation phase as the base of the Gold price continues to rise. Demand continues to be strong as Hong Kong reported today that China imported 53 tons of Gold during August. At 11am PDT Today Gold is trading at $1,769 per ounce, up $4 per ounce on normal volume.

TRADE DEFICIT CONTINUES TO GROW

The U.S. Commerce Department reported today that the trade deficit widened by 4.1% in August to $44.2 billion. The trade deficit was close to the consensus forecast of Wall Street economists of a deficit of $44 billion. Both imports and exports declined in August, but exports fell at a faster pace.

SILVER

Silver stayed above $34 per ounce most of the day, showing excellent support. At 11am PDT, Silver is virtually unchanged at $34.10 per ounce.