Gold And Silver See Consolidation After Recent Gains

GOLD

Gold and Silver prices are down moderately with Gold falling through the $3,350 level on some profit taking, but remains firmly over the $3,300 level. The U.S. dollar index has rallied and inflation pressures from the new CPI report indicating the Fed is unlikely to cut interest rates soon have both continued to put pressure on the metals markets. I expect the Gold Price to continue its rally after this period of consolidation, still on its way to $4,000 by year-end.

At 11 am PT today, Gold is trading at $3,329, down $21 from Monday.

SILVER

Silver has seen some consolidation after its recent gains, but has held above $37.50. The trend upwards will continue for silver as we continue to see industrial stockpiles run low and demand continues to rise.

At 11 am PT today, Silver is trading at $37.82, down $0.54 today.