Daily Market Report 10/24/13

GOLD

During trading in Asia last night, China, the world’s biggest Gold buyer, reported very positive manufacturing data. Based on that news the Gold market rallied, breaking above the $1,345 per ounce resistance level. Gold continued to rally, reaching $1,352 per ounce on the CME exchange.

At 11am PDT today, Gold is up $14 per ounce, trading at $1,347 per ounce on excellent volume.

SILVER

Silver appears to be lacking, based on Gold’s advances, by reaching a high today of only $22.89 per ounce. With the recent strength in Gold, I would like to see Silver break above the $23 per ounce level.

At 11am PDT today, Silver is trading at $22.78 per ounce, up $0.16 per ounce on average volume.