Daily Market Report 10/16/12

GOLD

The Gold Market has been higher from the start of this morning’s trading. The market opened in Asia at $1,740 and has been in a thin $10 trading range. We will continue to see increased demand if Gold stays at it’s a price support level. At 11am PDT today, Gold is trading at $1,745.70, up $7.30 per ounce on heavy volume.

SILVER

Silver rallied with Gold this morning on excellent demand. Yesterday, we saw excellent support at $32.50 per ounce, and today the market showed some brief resistances at $33.00 per ounce. At 11am PDT today, Silver is up $.20 per ounce, trading at $33.00 on higher volume.