Gold Reaches New Record High Of $2,772 Per Ounce

GOLD

The U.S. Conference Board announced today that its Consumer Confidence Index rose to 108.7 in October, up from September’s revised reading of 99.2, originally reported at 98.7. The data was significantly better than expected, as economists forecasted a nearly unchanged reading of 98.8. Gold took off on the news, reaching a new all-high of $2,772 before seeing some light short-term profit taking. What’s truly amazing about the October $130 Gold rally is it happened while the U.S. Dollar and interests sharply rose and the Israeli/Iran de-escalated.
At 11am PT today, Gold is up $26, trading at $2,770 per ounce on excellent volume.

SILVER

Silver also rallied on the September Consumer Confidence news, moving back above the key $34 resistance level, and hitting a high of $34.59. Staying above $34 is important for the balance of the week to establish a firm base for the next move to $35 per ounce.
At 11am PT today, Silver is up $0.55 per ounce, at $34.35 on good volume.