Gold Demand Continues Strong In The Face Of Increasing Virus Cases

GOLD

Financial news television channels are saying, “Gold surges to 8 year high.” I don’t know what they are looking at. Gold moved higher this morning, reaching a high of $1,779 per ounce, but the 2020 highs was $1,780 and the 2011 high was $1,920.

Gold demand continues strong in the face of increasing virus cases in many states, a weak U.S. Dollar, and the lock-down in the Northeast. A weaker Silver price in overnight trading helped cause a minor sell-off in Gold. At 11am PT today, Gold is trading at $1,768, up $1 on average volume.

SILVER

In Asian trading Silver did reach a high of $18.04 before seeing a wave of selling, driving the price down to $17.34 per ounce. As U.S. markets opened buyers appeared moving the price back over $17.50 on good demand. At 11am PT today, Silver is down $0.28 per ounce, trading at $17.66 on normal volume.