Gold Moves Higher On Historic Inflationary News

GOLD

After yesterday’s historic inflationary news, Gold moved higher and so did profit taking as we moved into Asian and European markets. Gold quickly rallied back to recent highs in late London and early U.S. trading. The financial markets are having a difficult time as interest rates increase, timing and size is still a big question mark. But, right now precious metals are finding fresh buyers breaking above the key $1,850 per ounce resistance level, as the inflation numbers around the world move higher. At 11am PT today, Gold is trading at $1,860 per ounce, up $21 on excellent demand.

SILVER

Silver got beat down to $22.82 in Asian trading last night, as it quickly broke below the key $23 support level. This morning Silver rallied back with Gold, moving above $23 and kept on going to a high of $23.50. At 11am PT today, Silver is up $0.06 per ounce, trading at $23.63 on good volume.