Gold And Silver Rally On Fed Funds ½ Point Drop Announcement

GOLD

Gold has traded today in a narrow range from $2,565 to $2,580 per ounce as we awaited the decision by the Federal Reserve on the interest rate reduction. The Federal Reserve just announced a ½ point decrease in the Fed Funds rate and Gold is moving higher.

At 11:10am PT today, Gold is trading at $2,588 per ounce up $19 for the day on strong volume.

SILVER

Silver has also traded in a narrow range between $30.28 and $30.86 per ounce. Asian demand was very strong this morning and took the price to today’s high. Silver has also moved higher on the ½ point decrease.

At 11am PT today, Silver is up $0.15 per ounce, trading at $30.85 on good volume.