Silver Hits 2-Month Low

GOLD

Today, it was reported that investors are making sizeable Gold ETF redemptions, which is putting pressure on the Gold price. This, combined with higher than Economists expected increase in the October PPI (Producer Price Index) of .6%, which was triple what was forecasted, has driven Gold below the $1,220 support level. The PPI report is likely to give the Federal Reserve more motivation to increase interest rates in December. At 11am PT today, Gold is trading at $1,208.50 per ounce, down $17.50 on heavy volume.

SILVER

This morning Silver reached a 2-month low of $14.08 when Gold broke support. Trading volume picked up dramatically when Silver moved below $14.10 per ounce, as buyer got aggressive. At 11am PT today, Silver is down $0.29 per ounce, trading at $14.16 on heavy volume.

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