Daily Market Report 10/25/13

GOLD

Considering this is a Friday, normally a quiet day with a thin trading range, Gold is behaving very well. Gold was able to reach $1,356 per ounce, above the recent $1,350 short term resistance level. I believe, based on any bullish announcement from the Federal Reserve next week we could easily see a major break out. Physical demand for Gold is picking up with the U.S. Mint reporting that it sold 39,000 ounces of Gold so far in October, triple the rate of sales in September and August. At 11am PDT today, Gold is trading at $1,352 per ounce, up $5 per ounce on good volume.

SILVER

Silver traded today in a very tight price range, from $22.22 on the low to $22.78 on the high. When/if Gold breaks out next week, I really need to see Silver break above the key $23 per ounce resistance level. The very strong worldwide physical demand for Silver investment products needs to show itself in higher market prices by year end. At 11am PDT today, Silver is down $0.15 per ounce, trading at $22.63 per ounce on light volume.