Gold hit a 10-month high today

GOLD

Gold hit a 10-month high in midday trading as it burst above the $1,300 level and never looked back. The Gold bulls are being fueled in part by a sharply lower Dollar (hitting a 15-month low today) and the world stock markets starting the day mostly lower. Analysts are seeing the technical posture for Gold remaining firmly bullish in the near term, which is also catching the attention of chart-based buyers. Hurricane Harvey wreaks havoc in Texas, and more specifically on many Texas’ oil rigs and refineries. The shutdown of some rigs and refineries could significantly affect the oil supply, thus increasing crude oil prices. More often than not, as crude oil prices rise, inflation also rises. With Gold being a great inflationary hedge, investors typically flock to Gold during times of rising inflation, which drives up the Gold price. At 11am PDT today, Gold is up $18, trading at $1,310 on average volume.

SILVER

Silver prices hit a 9-week high today, spiking up to $17.49 at one point. Silver is also swept up in the bullish technical position views which suggest more short term upside price action in the Gold and Silver markets. Silver has remained above $17 all day, trading in a broad $0.49 range, At 11am PDT today, Silver is trading at $17.49, up $0.39 on heavy volume.