Core Personal Consumption Rates Cause Precious Metal Prices To Drop

GOLD

An increase in the September U.S. core personal consumption rate of 0.5% has caused inflation concerns in the financial markets today. The U.S. Dollar and interest rates increased and precious metal prices dropped. Gold reached a low of $1,637 before finding serious support and buying. At 11am PT today, Gold is trading at $1,642 per ounce, down $20 on normal volume.

SILVER

As Gold sold-off, Silver briefly broke below its $19 per ounce support level. At that level there was sizeable bargain buying in the European and Asian markets. At 11am PT today, Silver is down $0.33 per ounce, trading at $19.20 on average volume.