Gold and Silver Volatility Explodes Following Record-Breaking Trading

GOLD

This morning, Gold briefly broke below the $4,500 support level during trading in India, reaching $4,404 before seeing major buying in London, which immediately drove the price back above $4,500 per ounce. Gold continued to move higher in London, rising back above the $4,700 level. During late London trading, Gold reached $4,885 before U.S. markets opened. When the U.S. market opened, Gold quickly dropped to a low of $4,680 due to margin call selling. Gold opened in the U.S. between $4,600 and $4,740, then began trading very actively.

At 11 am PT today, gold is trading at $4655, down by $225 over last week.

SILVER

Like Gold, Silver reached today’s low during trading in India at $71.36, then started moving higher in London. Silver moved back above $80 per ounce in London on excellent demand, reaching $88.06. As the U.S. market opened, heavy margin call liquidation pushed Silver lower to $75.50 before serious buying emerged.

At 11 am PT today, silver is trading at $79.37, down by $3.93 over last week.