Gold And Silver Hit A High And Sold-Off

GOLD

Today, the Gold price reached a high of $2,480 before seeing two-sided action in early U.S. trading. This trading followed a cool U.S. consumer price inflation report. Some profit-taking is featured from the futures traders, on a “buy the rumor, sell the fact” scenario after this week’s U.S. inflation numbers were expected by traders. The Consumer Price Index for July came was up 0.2% from June and up 2.9%, year-on-year. The core rate was up 0.2% from June and up 3.2%, year-on-year. Those numbers were in-line to slightly lower than market expectations.

At 11am PT today, Gold is trading at $2,444 per ounce, down $25 on heavy trading.

SILVER

Silver followed Gold higher, reaching $28.10, and lower, hitting $27.17 before settling out. Trading was very heavy at today's lows, which indicates a bottom.

At 11am PT today, Silver is trading at $27.30 per ounce, down $0.44 on strong volume.