Gold Holds Amidst Dropping Major Equity Markets

GOLD

Today the U.S. Dollar is at a record high, while interest rates are hitting record lows. The Dollar’s increase isn’t because we have a great economy, but because most of the other major economies are worse. Gold is holding in its recent trading range ($1,270 to $1,300) while most of the world’s major equity markets are dropping. At 11am PT today, Gold is trading at $1,281 per ounce, up $2 on good volume.

SILVER

Silver appears to be in an accumulation phase right now. Silver reached a low of $14.28 in early trading and quickly moved above $14.40 per ounce with a sizeable amount of volume. I don’t know if it was JP Morgan adding to their 850 million ounce hoard, but a major buyer wants to buy Silver under $14.40 per ounce. At 11am PT today, Silver is up $0.14 per ounce, trading at $14.46 on good volume.