Barrel Oil Production Cuts Back, Helping Spot Prices And Equity Markets

Barrel Oil Production Cuts Back, Helping Spot Prices And Equity Markets

GOLD

Early this morning, Russia and Saudi Arabia were able to agree on a 10 million Barrel oil production cutback, which helped spot prices and the world’s equity markets. Gold and Silver moved higher based on major mining production cutback around the world based on coronavirus concerns. At 11am PT today, Gold is trading at $1,626 per ounce, up $35 on excellent volume.

SILVER

Silver mining operations in Mexico and South America are cutting production or closing down. This will cause a serious supply problem for mints that are open, industrial fabricators and users. Silver jumped 50 cents on this news in early trading. At 11am PT today, Silver is up $0.55 per ounce, trading at $14.54 on excellent volume.

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