Gold Driven To Six Year High

GOLD

Gold reached a six year high of $1,411 in overnight trading when there were concerns we were planning an attack on Iran. The markets quickly moved back to $1,390 when it was called off. I believe Gold should consolidate its recent gains and stay within the $1,380 to $1,400 per ounce range for at least a week. At 11am PT today, Gold is trading at $1,397, up $7 per ounce on excellent volume.

SILVER

Silver reached a high of $15.55 in overnight trading and when Gold sold off, Silver quickly lost $.40 per ounce. Silver picked up some buyers at that level and rallied back $.10 per ounce. At 11am PT today, Silver is down $0.16 per ounce, trading at $15.29 on good volume.