Gold And Silver Continue Their Price Correction

GOLD

Weak economic data from China drove down the price of Gold and Silver in Asian trading this morning. China, the world’s largest consumer of Gold, showed surprisingly weak import and export data for July. The lower Gold price rolled into both European and U.S. Markets, where Gold hit a low of $1,922 before finding strong support. At 11am PT today, Gold is trading at $1,926, down $11 on strong volume.

SILVER

Silver fell with Gold, dropping below the key $23 per ounce support level. Silver reached a low of $22.65 before seeing sizeable bargain buying in Europe and the U.S. markets. At 11am PT today, Silver is down $0.40 per ounce, trading at $22.80 on excellent volume.