Gold Breaks Above $2,400 & Silver $30 As Markets Move Higher

GOLD

Renewed optimism about a Federal Reserve interest rate cut this year increased Gold demand today. Gold opened at $2,380 and continued to rise, reaching a high of $2,419 before seeing some light selling. This bullish turn by Gold provides support for Platinum and Palladium, which are up 5.6% and 6.3%, respectively, for the week. At 11am PT today, Gold is trading at $2415, up $33 from yesterday.

SILVER

Silver, reaching a high $30.88 per ounce, lead Gold higher today before seeing some short-selling and profit taking. $30 is a very important level for Silver, and it will hopefully stay there for a few weeks. At 11am PT today, silver is up $1.46, trading at $31.14 today.