Both Gold & Silver Breakout And On A Major Rally

GOLD

Gold reached a high of $4,372 this morning in early London trading, on heavy demand. Gold is in the middle of a breakout above the $4,000 per ounce level. Gold took three weeks to drop from $4,500 per oz to $4,000 in June. I would like to see this Gold rally slow down, build support, and move up gradually to $4,500 by month-end.

An unexpected decline in jobs during July, per the Bureau of Labor Statistics, gives support to maintaining the current interest rate, which had been forecasted to rise at the next Fed meeting in September. Nonfarm payrolls fell by 23,000 for the month, compared to the Dow Jones consensus forecast of a gain of 83,000.

At 11am PT today, Gold is trading at $4340.09 per ounce.

SILVER

This morning, Silver reached a high of $65.22 per ounce during London with extraordinary trading volume. That is an up in creditable $7.67 (13.3%) since last Friday’s close. Silver could easily reach $75 per ounce on the current rally.

At 11am PT today, Silver is up $1.68 per ounce at $63.35.