Gold rallied on ETF news

GOLD

Gold immediately rallied $12 per ounce in late trading yesterday on the following news:
“The SPDR Gold Shares ETF (GLD) – the world’s largest gold ETF – saw another 5.03 tonne withdrawal yesterday bringing the total of gold held to only 795.42 tonnes – its lowest level since mid-March 2016 and fully 71.58 tonnes below its recent interim peak of 867 tonnes seen as recently as mid-June - and 58.26 tonnes in the past month. This is a huge fall in such a short period and last time the GLD holding was as low was back in mid-March last year.”
It’s important to mention that a 6.5% drop in Gold supplies in just one summer month shows tremendous physical demand. Gold received some additional support today from the Federal Reserve with a dovish look at future interest rate raises. At 11am PDT today, Gold is up $1,260 per ounce, up $9 on strong volume.

SILVER

Silver moved sharply when gold rallied, reaching a high of $16.85 per ounce before seeing heavy short-term profit taking. Silver definitely showed excellent price support above $16.50 today. At 11am PDT today, silver is trading at $16.60 per ounce, up $0.09 on good volume.

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