Gold Briefly Set A New Record High Over $2,100 Then Sold Off

GOLD

In overnight computerized trading, Gold prices soared to a record high briefly above $2,100 in very early Asian trading. Traders grow increasingly confident the Federal Reserve will cut interest rates in the new year. The yellow metal then receded below $2,100 on profit taking as markets in Europe started trading.

At 11am PT today, Gold is trading at $2,025 per ounce, down $45 on heavy trading.

SILVER

Silver quickly moved higher, above the $21 level, when the Gold price rallied. Silver, which clearly has been oversold, jumped $0.70 per ounce on today’s news. Premiums on many of the popular Silver bullion investment coins remain attractive.

At 11am PT today, silver is up $0.60 per ounce, trading at $21.60 on good volume.