European Central Bank Potentially Increase Interest Rates as Gold Appears to be Base Building

GOLD

Speculation that the European Central Bank may increase interest rates by 50 basis points on Thursday has caused the U.S. Dollar to sell-off this morning, taking old up to $1,715. Gold appears to be base building, while trading in the $1,701 to $1,715 for the past 24 hours. At 11am PT today, Gold is trading at $1,702.50 per ounce, down $9.50 on average volume.

SILVER

Silver moved above $19 a few times this week, reaching a high of $19.29 today before selling drove the price below $19. The trading volume increases every time the Silver price reaches the $18.70. At 11am PT today, Silver is trading at $18.80 per ounce, up $0.05 on normal volume.