Recession Concerns Start To Effect Financial Market Prices

GOLD

Gold reached a low of $1,458 per ounce in overnight trading in Asian markets. After the ISM U.S. manufacturing Purchasing Managers’ Index came in at 47.8% for September (lowest in 10 years), the Dow Jones dropped 200 points and Gold/Silver prices rallied. Concerns about a U.S. recession are starting to effect financial market prices. At 11am PT today, Gold is trading at $1,484 per ounce, up $15 on good volume.

SILVER

The Silver price reached a low of $16.84 in early oversea trading this morning. When Gold started rallying on the ISM news, Silver quickly moved back above the $17 per ounce resistance level and traders got long. Silver has reached a high of $17.30 today before seeing light profit taking. At 11am PT today, Silver is up $0.27, trading at $17.27 on excellent volume.