Gold is holding above $1,300

GOLD

Gold continues to test its $1,300 per ounce support level and HOLD. Today, the Federal Reserve Governors end the 2-day meeting with a press conference. Most analysts believe no new action will be taken, but they want to read the language for future hints of interest rate direction. In overnight trading, Gold stayed within the $1,300 and $1,312 per ounce range. At 11am PDT today, Gold is trading at $1,306, unchanged from yesterday on active volume.

SILVER

Like Gold, Silver is testing its support level of $16 and HOLDING. Silver found serious buying in early Asian trading, rallying the price over $16.30 per ounce. Great article just posted on MintStateGold.com on Silver supply and demand, please read it: The Coming Silver Supply Crunch Is Worse Than You Know. At 11am PDT today, Silver is up $0.20 per ounce, trading at $16.35 on active trading.