Precious metals rise as USD sells off

GOLD

The U.S. Dollar Index sells off after meeting resistance at the 95.00 level and precious metals move higher. Plus, in the past week there was an increase of 2,000 CME 100oz Gold contracts, an excellent sign that professionals and hedge funds are buying. Gold appears to be on track to test the $1,300 per ounce resistance level by month end. At 11am PST today, Gold is up $7, trading at $1,283 per ounce on good volume.

SILVER

After trading above and below the $17 per ounce level yesterday, Silver looks to have firm support above $17 today. Silver did reach a high of $17.28 before seeing selling. At 11am PST today, Silver is trading at $17.08 per ounce, up $0.16 on normal volume.