Gold Continues Record-Setting Run

GOLD

Gold continues its record-setting run, reaching a high of $2,056 on extraordinary trading volume. A key factor is that the U.S. dollar is weakening and economic numbers are worsening, while European and Asian countries are reporting improving economies. Now, hopefully, $2,000 should become the support level, and Gold will trade for a short time between $2,000 and $2,050 as it consolidates recent gains. At 11am PT today, Gold is trading a $2,035 per ounce, up $31 on excellent volume.

SILVER

Silver reached a high of $27.24 per ounce as Gold moved higher. Silver found fresh selling above $27 and quickly moved back to $26.50 per ounce. Since Silver has a lot more volatility then Gold, I’m looking for $25 to be the support level. At 11am PT today, Silver is trading at $26.70 per ounce, up $1 on excellent volume.