A Strong Dollar Pushing Gold & Silver Prices Lower

GOLD

With the U.S. dollar value increasing to over 102.45 today, Gold sold off during U.S. trading. Gold reached a low of $4,065 before finding bargain buying, which drove the price back over $4,100 per ounce.

Gold demand remains strong in overseas markets, with China the strongest buyer. It was announced today by the People’s Bank of China (PBOC) that China purchased 740,000 ounces of Gold in September. Bringing the country's holdings to 77.47 million ounces.

At 11am PT today, Gold is trading at $4,115 per ounce, down $55 on heavy volume.

SILVER

Silver got it real hard during early U.S. trading, reaching a low of $58.88 per ounce. Silver has traded above and below the key $60 level numerous times during U.S. trading.

At 11am PT today, Silver is down $1.60 per ounce, trading at $59.92 on heavy volume.