Bank of England Says U.K. Inflation Is Likely To Hit 5%

GOLD

In late trading in London, it was reported that the Bank of England says UK inflation is likely to hit 5%. On that news, Gold jumped to a high of $1,814 per ounce on heavy volume. As trading rolled into the U.S., we saw selling drive the price below the key $1,800 level. At 11am PT today, Gold is trading at $1,795 per ounce, up $13 on excellent volume.

SILVER

As Gold approached today’s highs, Silver rallied sharply, reaching a high of $24.91 per ounce. As Gold sold off in late U.S. trading, Silver held well above the $24.25 per ounce. At 11am PT today, Silver is up $0.28 per ounce, trading at $24.40 on excellent volume.