Both Gold And Silver Prices Hit Hard

GOLD

A combination of the Iran war leading to an energy shortage that could cause a worldwide depression, the possibility of higher interest rates, and a very high PPI has led to Gold dropping $400 in the past two trading days. It appears that $4,600 could be a major support level for Gold, but we need a few days to see the confirmation.

At 11am PT today, Gold is trading at $4,625 per ounce, down $267 on the day.

SILVER

Silver has reacted to the news, driving Gold lower at a higher rate. Silver has dropped over $10 in the past two trading days. Silver reached a low of $65.45 early this morning, but right now, $70 per ounce is showing to the key support level.

At 11am PT today, Silver is down $5.20 per ounce, at $71.85 on excellent volume.