Bitcoin Crashing, Means Great News For Gold And Silver

GOLD

Bitcoin heading south to a yearly low, means Gold is heading north. The recent sell-off in the price of Bitcoin has driven many value hunting investors into Gold and Silver. Gold moved above $1,700 per ounce yesterday and has stayed there today, testing support, and holding on good volume.

Today, we saw some light selling due to a stronger U.S. Dollar and higher interest rates, but $1,700 held. Many traders are looking at tomorrows October Consumer Price Index report for price direction for the balance of the week. At 11am PT today, Gold is trading at $1,704, down $6 on excellent volume.

SILVER

Silver followed Gold’s lead and tested its key $21 support level, reaching a low of $21.03 before seeing bargain buying. At 11am PT today, Silver is down $0.20 per ounce, trading at $21.10 on good volume.