China Announces New Bitcoin Restrictions

GOLD

China announced new restrictions on Bitcoin trading this morning, which gave precious metals a shot in the arm. Gold dipped to $1,743 in early morning trading, below the key $1,750 support level, then quickly rallied above $1,750 on the Chinese’s announcement. At 11am PT today, Gold is trading unchanged at $1,751 per ounce on average volume.

SILVER

Silver reached a low of $22.11 (a new 2021 low), but rallied with Gold on the Bitcoin announcement. We are starting to see shortages in available supplies of many of the popular Silver investment items, so premiums may start to increase. At 11am PT today, Silver is trading at $22.40 per ounce, down $0.28 on normal volume.