Both Gold & Silver Continue Building A Firm Base

GOLD

Gold has been actively trading for the most part above $5,000 per ounce for the past month. It’s firmly building an excellent base for the next leg higher. I doubt we will see Gold trade below $5,000 in the future. During this period, every time the Gold price got near $5,000, I saw sizable buying (tonnage) in the major exchanges, a great indicator of price strength. Today’s lower-than-expected unemployment and U.S. confidence numbers didn’t have much effect on the Gold price.

At 11am PT today, Gold is trading at $5,185 per ounce, down $20 on average volume.

SILVER

The Silver price continues to be volatile, trading from $85.14 to $90.48 per ounce today. I am seeing price support in China and India, and heavy selling on the London and the U.S. precious metal exchanges. Silver needs to continue building a firm base between $80 and $90 per ounce.

At 11am PT today, Silver is trading at $87.40 per ounce, down $3.60 on normal volume.