Daily Market Report 10/30/13

GOLD

Gold was trading higher this morning (around the mid $1,350’s) awaiting the Federal Reserve news on U.S. monetary policy.

The Fed reported they are continuing their $85 billion in monthly bond purchase program as is, and that the current fiscal policy is restraining economic growth. They also discussed other issues such as the housing and labor markets, but the outlook seems to be slightly better, which gave the dollar a little strength.

After the Fed’s news release, Gold dropped to $1,340 with heavy trading. Immediately following the news release about 11,000 contracts (or 1.1 million ounces) were traded within 5 minutes. We’ll need a little time to go through the Fed’s news and will give more specific details in tomorrow’s blog.

At 11am PDT today, Gold is trading at $1346 per ounce, down $1 per ounce on average volume.

SILVER

Silver is following Gold’s lead today and was trading higher in the morning, around the $23 an ounce price range. It has since made a correction on strong volume. Silver is currently at $22.70 per ounce at 11am PDT today, up 16 cents per ounce.