Daily Market Report 10/11/13

GOLD

Gold traded down to $1,263 this morning based on a large contract sale on the CME Group commodity exchange. Some person or organization sold 5,000 hundred-ounce contracts (500,000 ounces) which drove the Gold price down $25 immediately. This sale caused the exchange to halt trading for 10 seconds until the order was completed. At this point in time I do not know who sold the Gold contracts.

At 11am PDT today, Gold is trading at $1,268, down $30 per ounce on heavy volume.

SILVER

Silver tested the $21 per ounce support level when Gold sold off, and held. Silver quickly bounced back $0.20 after the early morning selloff.

At 11am PDT today, Silver is down $0.60 per ounce, trading at $21.25 per ounce on excellent volume.