Worldwide demand drove Gold up
The world (Asia, Middle East, & Europe) wanted Gold today, driving the price up to $1,207 per ounce, then the U.S. dealers sold into the rally when the markets opened. It’s becoming very disturbing to watch many of the world’s largest central banks continue to exchange their U.S. Dollars, Treasury Bills and Notes for Gold at a record pace. Thinking of what could be on the horizon is causing me to increase my personal holdings of precious metals at the current price levels.
Plus, I’ll be calling many of my clients when I return from Long Beach on Monday.
At 11am PDT today, Gold is trading at $1,199, up $2 on good volume.
Silver did rally to $14.35 per ounce in Asian markets when Gold reached $1,207, but fell back to below $14.20 when Gold sold off. Physical Silver demand is picking up for the popular bullion items (1oz Silver Trade Units, Eagles, and Dollars), as premiums move higher. At 11am PDT today, Silver is trading at $14.20 per ounce, unchanged from Wednesday on normal volume.