The Gold And Silver Price Close Strongly For August

GOLD

Gold ended this month showing a $85 per ounce increase (4.5%), not bad in light of strong interest rates and a stronger U.S. Dollar Index (over 103.50). As we go into a long holiday weekend, I expect to see Gold trading in the current range from $1,935 to $1,950 per ounce. However, September could be an exciting month for precious metals and Gold should easily move back over $1,950 and it way to break $2,000 again. At 11am PT today, Gold is trading at $1,940 per ounce, down $4 on average volume.

SILVER

Silver had a better August than Gold, increasing by $1.71 per ounce (7.5%) on very healthy physical and futures demand. Premium on many of the popular Silver investment coins moved higher on this increase in the spot price. Silver should also stay in the $24.35 and $24.65 range for the next few trading days. $25 per ounce is a very important price resistance level for Silver, and I expect to see that hit next week. At 11am PT today, Silver is down $0.20 per ounce, trading at $24.43 on normal volume