Gold Holding At Support Level While Silver Soars Higher

GOLD

After the release of the PPI today, showing a 1.4% increase for April, and yesterday's higher CPI, Gold briefly sold off, reaching a low of $4,669 per ounce. The result of these reports is that the Federal Reserve will not lower interest rates at the next meeting.

Gold found a buyer at the attractive low price and worked its way back up to $4,700.

At 11am PT today, Gold is trading at $4,690, up $11 per ounce on average volume.

SILVER

Silver fell in last night’s overseas trading, but rallied back during U.S. trading. Silver reached a high of $89.47 today, before seeing short-term profit taking. Projections of higher inflation on the horizon are bullish for the Silver price, and the recent rally shows that.

At 11am PT today, Silver is trading at $88.00, up $3 on excellent volume.