Gold And Silver Prices Consolidate After Great Week

GOLD

It’s Friday, and the trading floor traders need to go home flat (which means not owning or short anything). We saw some precious metal profit taking in late trading in Europe and the U.S. and after a $50 rally this week, Gold reached a high in overnight trading of $1,994, then sold-off. At 11am PT today, Gold is trading at $1,982, down $2 on good volume.

SILVER

Silver had a more explosive week then Gold, rallying from $22.28 to $24.22, this morning. This week Silver quickly broke above the $23 resistance level on Tuesday’s CPI numbers and has traded above $24 a couple days. At 11am PT today, Silver is trading at $23.77 per ounce, down $0.06 on average volume.