Excellent demand for precious metals this morning
On renewed global concerns over a possible trade war, there was excellent demand for precious metals in Asia, the Middle East and Europe this morning. This news, plus a strengthening Euro, helped Gold to rally $20 at one point before seeing some short-term profit taking. At 11am PST today, Gold is trading at $1,334 per ounce, up $15 on excellent volume.
The same news helped Silver reach $16.92 in early trading. If Silver can stay over $16.70 per ounce for the balance of the week, it would set the stage for another attempt to breakout above the key resistance level of $17. At 11am PST today, Silver is up $0.36 per ounce, trading at $16.76 on excellent volume.