A major buyer cleared out the sellers

GOLD

This morning in early morning trading Gold was sold down to $1,258 per ounce on little selling. At that point a major buyer (Central Bank) stepped in and cleared out the sellers. The price quickly moved up to $1,270 per ounce.

At 11am PDT today, Gold is trading at $1,270 per ounce, down $2 for the day on excellent volume.

SILVER

Silver reacted with Gold, reaching a low of $16.15 per ounce this morning. It also mirrored Gold’s rally and moved back about $16.40.

At 11am PDT today, Silver is up $0.05 per ounce, trading at $16.37 on good volume.