Global Economic News And US Unemployment Number Test Gold

GOLD

A strong U.S. Dollar Index moved back over 100 this morning based on worsening global economic news. That, combined with a US unemployment number reaching 22 million this morning, it caused Gold to test the important $1,700 per ounce support level this morning. At 11am PT today, Gold is trading at $1,701 per ounce, down $29 on good volume.

SILVER

Silver sold off with Gold this morning, reaching a low of $15.19 per ounce before finding bargain buyers. As many of the world’s largest Silver mines and mints suspend production, there is a mounting problem with physical Silver supplies. At 11am PT today, Silver is down $0.22 per ounce, trading at $15.30 on good volume.