Daily Market Update 9/30/11

GOLD

At 11am PDT Gold is trading at $1,628.60 per ounce, up $11.20 on light Friday trading.
The High/Low range today is only $24.00 per ounce. This shows some price stability in the Gold market, however this is low volume Friday, and I would like to continue seeing less volatility in Monday’s trading. Central bankers are taking advantage of lower Gold prices, as we saw with Thailand Central bank increasing its holdings by 4.41 million ounces in September.

SILVER

Silver continues to trade above and below the $30 per ounce price area. Today the low was $29.59 and the high was $30.71 on light trading. I would be more bullish on silver if it could stay above $30 per ounce for the first few trading days of next week. At 11am PDT Silver is down $0.27 per ounce, trading at $30.15 per ounce.

Starting Monday, at 5:06pm PDT, I will be providing the Gold & Silver Minute on KFWB. KFWB News Talk 980 is the CBS affiliate for the Southern California area, and can also be heard on the internet at http://losangeles.cbslocal.com/station/kfwb-news-talk-980/