Gold Continues To Build A Firm Base For The Next Run

GOLD

JPMorgan acquired all of First Republic’s deposits and a majority of its assets today. Regulators had taken possession of First Republic, making it the third American bank failure since March. On this news Gold reached a high of $2,006 before seeing professional trader short selling. Its been very profitable for traders to short Gold over $2,000 and cover that position when it drops back to the mid-$1,980’s. That will not be profitable trade much longer, Gold moving over $2,050 will fix that. At 11am PT today, Gold is trading at $1,985 per ounce, down $5 per ounce.

SILVER

Silver followed Gold higher ($26) and lower in early trading, finding excellent support at $25. Demand for popular Silver investment coins as premium stay strong. At 11am PT today, Silver is unchanged at $25 per ounce.