GOLD

Janet Yellen gave testimony to Congress today and stated that, “considerable uncertainty always attends the economic outlook.” Traders took this as bullish for Gold and Silver and they both rallied. Gold was trading at $1,215 and quickly moved up to $1,223 per ounce before selling appeared. At 11am PDT today, Gold is trading at $1,219 per ounce, up $3 on normal volume.

SILVER

Silver tested the key $16 per ounce resistance level this morning, reaching $16.05 on Yellen’s comments. Then, Silver settled back into a $15.90 to $15.95 per ounce trading range. At 11am PDT today, Silver is up $0.14 per ounce, trading at $15.91 on average volume.