Gold On Its Way To $2,000 in August

GOLD

The bears showed up last night and were able to drive the Gold price down to $1,937 before bargain buyers showed up. A small sell-off would be expected since the recent run-up, and hopefully we will find support around the $1,950 level. Physical demand remains strong and we are definitely on our way to $2,000 in August. At 11am PT today, Gold is trading at $1,955 per ounce, down $5 on active volume.

SILVER

Silver got really hammered last night, reaching a low of $22.90, down over $1.20, before moving back over the $23 support level. The Silver price is far more volatile then Gold, but the strength of the Gold price has been very helpful. At 11am PT today, Silver is down $0.85 per ounce, trading at $23.35 on excellent volume.