Gold And Silver Starting A Bullish Run Higher

GOLD

The U.S. Labor Department reported today that the Producer Price Index (PPI) for January rose 0.3%. Comparing that to the December number of 0.1% it had a negative effect on the Gold price. Gold initially moved down to $1,994 per ounce before seeing bargain buying, which quickly took the price back to $2,015 per ounce. Gold is showing that its recent decline has bottomed out. At 11am PT today, Gold is up $8 per ounce, trading at $2,013 per ounce, up $9 on good volume.

SILVER

Silver is still reacting to Thursday great CPI report and moved above the $23 per ounce resistance level this morning. Silver reached a high of $23.55 per ounce. up over $1 since yesterday morning. At 11am PT today, Silver is trading at $23.46 per ounce, up $0.56 on excellent volume.