Gold And Silver See Some Profit-taking

GOLD

Gold reached a high this morning of $3,780 per ounce before seeing some profit-taking on London and the U.S. markets. Following Gold’s recent rally, it would be beneficial for the long-term direction of the price to see some consolidation above the $3,700 per ounce level.

At 11am PT today, Gold is down $40 per ounce, at $3,735 on excellent volume.

SILVER

Silver is following Gold lower this morning. Silver reached a 14-year high this morning of $44.36 per ounce before seeing heavy selling. Like Gold, Silver can use a little price consolidation and base building above $43 per ounce.

At 11am PT today, Silver is trading at $43.85 per ounce, down $0.20 on sizeable volume.