GOLD

Many of the professional floor traders that I spoke with late yesterday and today are thinking Gold is back on the bullish trail. Gold reached a high of $1,297 this morning before seeing light selling. Breaking above the key $1,300 per ounce resistance level is important and I believe that will happen soon. At 11am PDT today, Gold is trading at $1,294 per ounce, up $7 on good volume.

SILVER

Silver has firmly put the $17 level behind it and will be on its way to $17.40 when Gold breaks above $1,300 per ounce. At 11am PDT today, Silver is up $0.11 per ounce, trading at $17.22 on nice volume.