Gold Rallies To 7-Week High

GOLD

Gold reached a 7-week high in Asian and early European markets this morning of $1,790 per ounce. That rally was generated by a fresh low in 10-year Treasury yields and a drop in the value of the U.S. Dollar. When U.S. markets opened Gold saw profit-taking and the price quickly dropped back into the $1,770 area. At 11am PT today, Gold is trading at $1,772 per ounce, down $6 on average volume.

SILVER

Silver both rallied with Gold, reaching $26.30 and selling off with Gold, down to $25.60 per ounce. However, Silver appears to be building a nice base above the $25.75 level, as physical demand remains strong. At 11am PT today, Silver is down $0.12 per ounce, trading at $25.80 on normal volume.