Precious Metals reacting to geopolitical news
This morning President Trump backtracked on the missile attack on Syria and Russia, and the U.S. Dollar rallied and precious metals declined. The tensions over Syria are driving many investors in Europe and Asia to buy physical precious metal investment products. Gold reached a low of $1,335 this morning on the Trump comments, then rallied on heavy demand. At 11am PDT today, Gold is trading at $1,340 per ounce, down $15 on excellent volume.
Silver mirrored Gold’s price, reaching a low of $16.40 per ounce before rallying. It was announced today by the Silver Institute that 2017 was the fifth year in a row Silver supplies from mines were down. At 11am PDT today, Silver is trading at $16.52 per ounce, down $0.20 on excellent volume.