Getting Back On Track

GOLD

Gold is back on the $1,600 per ounce track, showing a nice $13 per ounce rally this morning. Concerns about the Coronavirus spreading and affecting the global economy has driven investors to purchase the best safe-haven assets.

The latest reports say nearly 8,000 Chinese are afflicted and over 170 have died in China. There are six cases confirmed in the U.S. and the Trump administration has set up a task force to help deal with the situation. Global businesses located in China are closing their doors there and worldwide flights to China are being cancelled. The Coronavirus outbreak is now being deemed more expansive than the SARS outbreak that occurred in Asia over 15 years ago.

At 11am PT today, Gold is trading at $1,584 per ounce, up $14 on active volume.

SILVER

After falling to a low of $17.24 per ounce yesterday, Silver has rallied along with Gold. Silver is now testing the key $18 per ounce resistance/support level for the sixth time in the past two weeks. At 11am PT today, Silver is trading at $17.98 per ounce, up $0.48 on nice volume.