Banking Problems Causes Drop in U.S. Dollar Index

GOLD

The U.S. Dollar index dropped below the key 104 level this morning on concerns over the possibility of more banking problems. Plus, it was reported today that U.S. Factory Manufacturing only gained 0.1% in February, which also added fuel to the Gold fire. Market analysts are looking forward to next week’s Fed actions for direction. At 11am PT today, Gold is up $50 per ounce, at $1,968 on excellent volume.

SILVER

The Silver price exposed over the key $22 per ounce resistance level when Gold moved above the $1,950 level. Silver reached a high of $22.51 per ounce before seeing some short-term profit taking. At 11am PT today, Silver is trading at $22.40 per ounce, up $0.74 on excellent volume.