Gold is holding in narrow range

GOLD

As our equity markets and the U.S. Dollar continue to rise, Gold is holding in a narrow trading range between $1,274 and $1,284 per ounce. Many money and hedge fund managers have focused their attention toward stocks and away from precious metals this month. Last month these same traders were active with Gold and Silver, taking them above $1,350 and $18 per ounce. I believe they will be back in November. At 11am PDT today, Gold is trading at $1,277 per ounce, down $3 on average volume.

SILVER

Although reaching a high of $17.17 this morning, Silver couldn’t hold above $17 per ounce when Gold sold off. Silver under $17 per ounce does increase the trading volume, as bargain buyers become aggressive. At 11am PDT today, Silver is down $0.12, trading at $16.96 on normal volume.