Daily Market Report 10/19/12

GOLD

Gold prices fell today as stock markets weakened and the U.S. Dollar rallied. The financial markets awaited direction after the conclusion of a European Union summit in Brussels. At 11am PDT Today, Gold is down $20.10, trading at $1,722.50 on light weekend type volume.

The World Gold Council (WGC) Just Released its Third Quarter Market Summary

The WGC concluded that the backdrop of negative real yields, a slow recovery and a likely continuation of expansionary monetary policies – with all the risks these present – provides further support to the long-term strategic investment case for Gold. Read the complete report here: http://www.Gold.org/investment/research/regular_reports/investment_statistics_commentary/ 

SILVER

Silver tested the $32 per ounce support level and held. Silver demand in Asia continues to be strong but the price has been taking direction from the other precious metals. At 11am PDT today, Silver is trading at $32.20 per ounce, down $0.72 per ounce on light volume.