Gold closed above $1,300 resistance yesterday

GOLD

Gold closed above the $1,300 resistance level yesterday and has traded in the $1,326 to $1,312 range for most of the day. Gold hit an 11-month high in early trading this morning before we saw some normal and expected profit taking from the short-term traders. North Korea’s firing of a ballistic missile over Japan aggravated already volatile North Korean tensions, but North Korea is not the only force driving Gold prices. The Dollar hitting another 15-month low again today, both the Euro and the Yen surging upward, and the as of yet unknown potential economic effects of Hurricane Harvey (with one-third of Houston’s economy directly tied to the oil and gas industry) are all are contributing factors to the current Gold and Silver surging market prices. With the global and domestic political and economic landscapes in such a current state of flux, investors are looking to safe-haven assets such as Gold. At 11am PDT today, Gold is up $4, trading at $1,314 on very heavy volume.

SILVER

Silver hit a new 12-week high today and is trading at its highest level since June 6. The Silver price has surged this week and is up 3.4% over the past three days. At 11am PDT today, Silver is trading at $17.50, up $0.01, also on very heavy volume.