Gold dropped before finding bargain buying

GOLD

Gold dropped to $1,315 in early Asian trading before finding bargain buying and short-covering. Gold quickly rallied back above the $1,320 level on heavy buying (central banks?). At 11am PDT today, Gold is trading at $1,322 per ounce, up $5 on excellent volume.

SILVER

Silver followed Gold lower, reaching $16.40 per ounce, then rallied with Gold back above the $16.50 level. At 11am PDT today, Silver is trading at $16.52 per ounce, down $0.01 for the day on good volume.