Gold moves higher on economic turmoil<br>Daily Market Report 5/17/17

GOLD

Whether you are a supporter of President Trump or a critic, you have to agree that the sh*t is starting to hit the fan in Washington D.C. The markets are reacting to the turmoil with the equity markets falling, U.S. Dollar Index breaking below the 98, and 10-year Treasury bond yields dropping. Precious metals, the only real safe haven investment, are moving higher. Gold is now up for the sixth day in a row, breaking well above the key $1,250 per ounce resistance level. At 11am PDT today, Gold is trading at $1,258 per ounce, up $21 on excellent volume.

SILVER

Silver is also up for the sixth day in a row, briefly breaking above the key $17 per ounce resistance level this morning. If Silver can close above the important $17 level for a couple of days, it could be explosive and rally 4-5% very quickly, as short sellers will run to cover those sales. At 11am PDT today, Silver is up $0.17 per ounce, trading at $16.95 on heavy volume.