Gold lower after Turkish Currency Crisis

GOLD

Gold reached a low of $1,196 in Europe this morning as the Turkish currency crisis is driving non-U.S. currencies and precious metals lower. The U.S. Dollar Index continues to be above 96 (14-month high) and trading is active. At 11am PDT today, Gold is down $19, trading at $1,193.

SILVER

When Gold broke below $1,200 this morning, Silver hit a low of $15.06 per ounce. Then when Gold moved back above $1,200, Silver quickly rallied $0.10 per ounce. $15.00 per ounce is still the major long-term support level. At 11am PDT today, Silver is trading at $15.08, down $.24.