Both Gold & Silver Rally Sharply This Morning

GOLD

Last night, after seeing Gold closed at $4,897 in the U.S., Gold started moving higher on bargain buying. Gold moved above $4,900 in India and moved across $4,950 by the close in London. Gold opened in the U.S. and reached a high of $5,011 before seeing short-term profit-taking.

Federal Reserve January minutes were just released, stating that there is a possibility of rate hikes if the inflation numbers don’t move lower. Gold moved below the key $5,000 level on that news.

At 11am PT today, Gold is trading at $4,990 per ounce, up $93 on excellent volume.

SILVER

Silver took off with Gold in overseas trading this morning. Silver reached a high of $78.48 before seeing a sell-off. The Federal Reserve minutes caused Silver to drop about $.40 per ounce.

At 11am PT today, Silver is trading at $77.25, up $3.40 on good volume.