Gold Hits New High Of $2,758 Before Seeing Profit-Taking

GOLD

Gold spot price hit a all-time record high of $2,758.37 before seeing serious profit-taking during London and U.S. trading. After six trading days of moving higher, Gold needed to see selling to test support at $2,700. Hopefully $2,700 could be an important support level, as we work our way to $3,000 by year end.

At 11am PT today, Gold is trading at $2,715 per ounce, down $33 on heavy volume.

SILVER

Silver saw serious profit-taking also in London and U.S. markets. After reaching a 10-year high of $34.91 per ounce, the sellers came in and took the price down over $1.00 per ounce.

At 11am PT today, Silver is down $1.30 per ounce, trading at $33.55 on heavy volume.