30-Year Mortgage Interest Rates Hit Seven Year High of 4.66%
It was announced today that average 30-year mortgage interest rates hit a seven year high of 4.66%. This news combined with a higher U.S. Dollar Index has halted Gold from rallying above the $1,200 per ounce resistance level. At 11am PDT today, Gold is trading at $1,193 per ounce, up $8 on average volume.
Concerns about positive global inflation indicators helped Silver rally this morning, reaching a high of $14.74 per ounce. Silver is showing stronger physical and futures buying demand than Gold. At 11am PDT today, Silver is up $0.35 per ounce, trading at $14.65 on normal volume.