Gold Finds Excellent Demand At The $1,900 Support Level

GOLD

The more Federal Reserve Chairman Powell talks about increasing interest rates, the more pressure is put on the value of precious metals. Gold tested its major support level this morning ($1,900 per ounce), and found sizeable buying (Central Banks), and quickly rallied $12 per ounce. Based on all the strong U.S. economic indicators released recently, Gold holding above $1,900 is an excellent sign of major support. At 11am PT today, Gold is down $3, trading at $1,912 on average volume.

SILVER

During the past week, Silver is showing more inherent demand then Gold, quickly rallying when it nears the $22.50 per ounce level. A shortage in physical supplies is causing many of the world’s largest mints to limit or delay production of popular Silver collector and investment coins. Silver, at the current Silver-to-Gold ratio of 84-to-1 is an amazing value. At 11am PT today, Silver is trading at $22.90 per ounce, up $0.02 per ounce with strong volume.