U.S. Released February's Inflation Numbers Today

GOLD

February U.S. inflation numbers were released today, showing a 7.9% increase, a 40-year high. That news helped Gold rally back above the key $2,000 per ounce level. Jeff Currie, global head of commodities research for Goldman Sachs, said Gold demand is the strongest he's have ever seen and his target is now $2,500. During today’s trading, the Gold price has ranged from $1,975 to $2,010, as it consolidates and creates a firm base to move above the key $2,000 level. At 11am PT today, Gold is at $2,001 per ounce, up $14 on good volume.

SILVER

Silver traded today between $25.67 and $26.18 per ounce. If the Gold price can create a floor above $2,000, Silver shouldn’t have a problem staying above $26 per ounce. Today’s inflation news only provides more support for Silver and physical demand continues to grow. At 11am PT today, Silver is up $0.34 per ounce, trading at $26.03 on average volume.