British Central Bank Actions Cause U.S. Dollar and Interest Rates to Lower

GOLD

Both the U.S. Dollar and interest rates moved lower today on actions taken by the British Central Bank. The lower Dollar and interest rates caused a buying surge in the precious metal European and U.S. markets. Gold quickly moved above $1,650 and kept on going to $1,665 before seeing some light short-term profit taking. At 11am PT today, Gold is trading at $1,660 per ounce, up $30 today on excellent volume.

SILVER

After breaking the $18 support level, reaching a low of $17.90 in Asian trading, silver followed gold higher. Silver moved up over $1 on strong bargain buying, reaching a high of $19.06 per ounce. At 11am PT today, silver is up $0.48 per ounce, trading at $18.90 on excellent volume.