Gold price was hammered this morning

GOLD

The Gold price was hammered this morning on pressure by losses across much of the raw commodity sector. This happened after the Trump administration levied more than 55 billion in new tariffs on China, with the promise to slap more trade sanctions on China if China retaliates. The U.S. Dollar Index surged past 94, while the Equity markets and precious metals fell. Gold reached a low of $1,275 before major buying appeared.

At 11am PDT today, Gold is trading at $1,280 per ounce, down $23 on heavy volume for a Friday.

SILVER

Silver fell sharply with Gold, quickly dropping under the $17 per ounce level, which caused traders to short-sell Silver down to $16.43 before seeing serious buying. I look for Silver to rally by days end.

At 11am PDT today, Silver is trading at $16.55 per ounce, down $0.65 on heavy volume.