Gold Has Strong Rally In European Equity Markets as U.S. Dollar Sells Off

GOLD

This morning we saw a strong rally in European equity markets, which drove up the value of the British pound and Euro which caused the U.S. Dollar to sell-off. Gold hit a high of $1,669 before seeing light selling. At 11am PT today, Gold is trading at $1,655, up $10 per ounce on good volume.

SILVER

Silver rallied with the price of Gold, moving from $18.35 to $19.04 per ounce. After last week’s sizeable decline in the Silver price, Silver remains under-valued and should move up at a higher percentage as Gold leads precious metal prices higher. At 11am PT today, Silver is up $0.45 per ounce, trading at $18.70 on average volume.