Golds low was too tempting for Central Banks
It appears that Tuesday’s low of $1,237 per ounce for Gold was too tempting for Central banks to ignore. In late trading on Tuesday and during Wednesday’s international trading, Gold rallied to $1,260 per ounce on large volume. If Gold can stay above $1,250 at close tomorrow, I believe the worst is over, and $1,237 is highly likely to be the low of 2018. At 11am PDT today, Gold is trading at $1,256 per ounce, up $3 per ounce on active volume.
Silver continues to fight to stay above the $16 per ounce level. With Gold’s $18 rally off its Tuesday low, I would have expected to see Silver trading at the $16.20 level. At 11am PDT today, Silver is up $0.02 per ounce, trading at $16.02 on excellent volume.