Gold Reaches New All-Time High Of $5,326 Per Ounce On Weak Dollar

GOLD

What I was afraid would happen, as happened. The U.S. Dollar got hit really hard in early morning trading. The U.S. Dollar reached a new 4-year low of $95.55 early trading in London, and that is when Gold reached a high of $5,326 per ounce. It appears that a number of the world’s largest Central Banks are stepping up the pace of selling U.S. Dollars and Treasuries and buying Gold. This explains an over $200 increase in one day. Gold is seeing some profit-taking in late U.S. trading.

At 11am PT today, Gold is $5,275 per ounce, up $175 on excellent volume.

SILVER

With Gold rocketing higher, Silver is trying to build a base above $110 per ounce. The weaker U.S. Dollar hasn’t been a stimulant for Silver like Gold. But Gold moving that much higher should be.

At 11am PT today, Silver is trading at $111.25 per ounce, up $0.60 on excellent volume.