December’s Fed Minutes Coming This Afternoon

GOLD

Gold reached a high of $1,959 in overseas trading before seeing a major selloff. A stronger U.S. dollar combined with an increase in the 10-year Treasury rate (over 1%) caused Gold to test the $1,900 support level. Traders are also concerned about the release of December’s Fed minutes coming this afternoon. At 11 am PT today, Gold is down $43, at $1,908 per ounce on normal volume.

SILVER

Silver broke down below the key $27 support level as the Gold price sold off. Silver reached a low of $26.51 before finding bargain buying and quickly move back above the $27 level. At 11 am PT today, Silver is trading at $27.05 per ounce, down $0.47 on good volume.