Gold Rallies On 10-Year Treasury Bill Drop
Today, the interest rate on the 10-Year Treasury Bill dropped below 2.60%, the lowest level in the past year. This is an excellent sign that there will be no interest increases from the Federal Reserve this year, highly bullish for Gold. Gold rallied today on this news, reaching a high of $1,292 per ounce, before seeing some light short-term profit taking. I look forward to seeing the first attempt to break the next resistance level of $1,300 very soon. At 11am PDT today, Gold is trading at $1,290, up $8 on excellent volume.
Silver continues to enjoy the Gold rally and move higher, reaching a high of $15.79 per ounce. As Global equity markets suffer, we are seeing demand growing for many of the popular physical Silver investment products. At 11am PT today, Silver is up $0.20 per ounce, trading at $15.70 on good volume.