Gold and Silver Continue to Rally After Chairman Powell's Statement

GOLD

As Chairman Powell answered questions after his speak yesterday, the Gold price started to rally higher. Gold reached/closed at a high of $1,770, as he shared the likelihood that the coming December Fed interest increase is going to be only ½%. October 31st Gold closed at $1,640, and on November 30th Gold closed at $1,770 per ounce. The November increase of $130 (7.9%) was just the start of the current rally with Gold up another $35 this morning. At 11am PT today, Gold is trading at $1,800, up $43 on excellent volume.

SILVER

November’s Silver rally was more dramatic than Gold, moving from $19.11 to $21.90 per ounce, a 14.6% increase. Yesterday’s Fed Chair Powell’s statement help Silver to rally today, reaching at a high of $22.84 before seeing some light profit-taking. At 11am PT today, Silver is up $0.80 per ounce, trading at $22.70 on excellent volume.