Gold Building A Base, While Silver Drops On High Volatility

GOLD

This morning in overseas trading, Gold is building a base between $4,800 and $5,000 per ounce. Excellent volume and demand remain strong, especially in China and London. Gold opened in the U.S at $4,819 per ounce and slowly moved higher.

At 11am PT today, Gold is trading at $4,861, down $66 for the day.

SILVER

Silver got hit badly in India, dropping to a low of $73.58 and rallying back to above $80 by the close of trading. It’s amazing to see Silver reach a low of $73.58 this morning in India, considering that India was a strong buyer helping Silver reach its January high of $121 per ounce. Silver moved above $78 in London but, in late trading as the U.S. opened, dropped below $74 and reached a low of $72.18 before finding bargain buyers.

At 11am PT today, Silver is trading at $76.80, down $9.21 for the day.