Gold and Silver Rally After Release of November Consumer Price Index

GOLD

Gold rallied this morning $45 per ounce after the release of the November Consumer Price Index (CPI). The CPI showed an increase of only 0.1%, much lower than the expect 0.3% that was expected. The 2022 inflation rate also dropped to 7.1%, which surprised the market. After Gold reached a high of $1,825.50 per ounce, there was some short-term profit-taking, and Gold sold-off by $20 per ounce. Tomorrow could be another exciting day with the release of the Federal Reserve’s statement and press conference. At 11am PT today, Gold is trading at $1,810 per ounce, up $30 for the day on excellent volume.

SILVER

As Gold rallied this morning, the Silver price broke above the $24 level and reached a high of $24.22 before finding heavy selling. The good news is as the price of Silver has moved higher, the premium on many of the popular Silver investment coins has been dropping. At 11am PT today, Silver is up $0.50 per ounce, trading at $23.70 on excellent volume.