Both Gold & Silver Made A U-Turn And Are Heading Higher

GOLD

In last night’s trading in London, Gold reached a low of $2,641.50 per ounce before the major buyer decided it was cheap enough. Gold quickly rallied over $50 on heavy volume, reaching a high of $2,700 per ounce. Gold hasn’t had a 2% or more sell-off in one day since August when Gold was trading at $2,353 per ounce and we were due. When Gold moves back over $2,700 for a few days it will confirm that yesterday’s sharp drop was the final clean-out before the move to $3,000 per ounce.
The Federal Reserve unanimously decided to lower the Fed Fund rate by ¼%, as the financial markets expected.
At 11am PT today, Gold is trading at $2,695 per ounce, up $29 on excellent volume.

SILVER

After yesterday’s drop of $1.37 per ounce, Silver is back on the bullish road today and trading higher since the opening in Asia last night. Silver rallied $0.72 per ounce in early London trading and is showing excellent demand.
At 11am PT today, Silver is trading at $31.75 per ounce, up $0.50 on excellent volume.