Gold Demand Increases As World Equity Markets Drop
Gold is showing excellent support considering the U.S. Dollar Index is 96.40. Global growth is slowing and the world’s equity markets are dropping, while Gold demand is increasing. This morning Gold tested the $1,300 support level, reaching a low of $1,302 per ounce. At that point, major demand hit the world’s Gold markets, increasing the price by $10 per ounce. At 11am PT today, Gold is trading at $1,312 per ounce, up $1 on excellent volume.
Silver reached a low of $15.59 before buyers became aggressive. Silver rallied $0.15 per ounce as Gold moved higher. At 11am PT today, Silver is up $0.03 per ounce, trading at $15.73 on good volume.