September 23: Gold and Silver End Slightly Lower

Gold/silver market update for Sept. 23rd: Gold seemed to be starting the trading week moving higher, but by the end of the day, it dropped back to around $1316, or down 0.32%. Silver climbed to nearly $22, but then fell back for a loss of 0.37% on the day. In his commentary, trader Dan Norcini explains there’s no real catalyst for gold bulls at the moment. Going by ETF demand, etc. Norcini explains that western demand for gold is currently lagging. Norcini also explains how ETF moves closely correlate the actual “physical” price, and that many gold bugs are wrong in dismissing data from GLD and others. Read more…