Gold And Silver Back On A Bullish Track

GOLD

Despite record prices, China imported the highest amount of Gold in nearly a year in April, 127.5 metric tons. The heightened demand for the precious metal prompted the People’s Bank of China to ease restrictions on bullion inflows. April’s demand made a 73% jump from a month earlier, even after Gold hit successive all-time highs, at one point touching $3,500 an ounce. This news from China combined with a weaker US Dollar increased the price of Gold by $61 to $3,288 before seeing some light selling.

At 11am PT today, Gold is trading at $3,285 per ounce, up $58 on the day.

SILVER

Silver followed Gold higher, moving past the key $33 resistance level. Silver reached $33.12 before seeing some small profit-taking.

At 11am PT today, Silver is trading at $33.05 per ounce, up $0.70 on excellent volume.