$20 Crude Oil Drop Causes Precious Metals Sell-Off

GOLD

A $20 drop in the price of crude oil caused precious metals to sell-off today. Gold broke below the key $2,000 per ounce resistance/support level. Gold reached a low of $1,975 before seeing bargain buying. I believe today’s correction provides an excellent opportunity to add to your Gold holdings. At 11am PT, Gold is down $62 per ounce, trading at $1,987 on heavy volume.

SILVER

A drop in the price of crude oil is anti-inflationary, and drove the price of Silver below the $26 level, reaching a low of $25.34 per ounce. Over the past week, as the price of Silver moved higher, we didn’t see much selling, just an increase in buying. If our company is an indicator of what is happening in the market, that explains why physical Silver product premiums are moving higher. At 11am PT today, Silver is trading at $25.69 per ounce, down $0.79 on excellent volume.