Banks Crashing Means Great News For Metal Markets

GOLD

Gold reached a high this morning of $2,011 per ounce in early European trading before seeing some short-term profit taking. The Fed and other global central banks jointly announced on Sunday that they were working together to make dollar liquidity more readily available to keep the U.S. currency flowing through the world’s banking system. Investor concerned about the global banking crisis are eyeing the Federal Reserve’s monetary policy decision this coming Wednesday. At 11am PT today, Gold is up $9, trading at $1,977 on excellent volume.

SILVER

As Gold moved higher in Europe, Silver rallied to a high of $22.76 before seeing selling. It would be healthy for the short-and long-term Silver price, for Silver to stay above the $22 level for the balance of this week. At 11am PT today, Silver is trading at $22.50 per ounce, up $0.10 on good volume.