Gold Showing Excellent Support & Increasing Demand

GOLD

The breakout rally continues, as Gold traded this morning between $1,854 and $1,873 per ounce. Right now, Gold is showing excellent price support and increasing demand. A higher Gold price in the face of 10-year Treasury rates rallying over 2% is a good sign. At 11am PT today, Gold is trading at $1,874 per ounce, up $14 on excellent volume.

SILVER

As Gold moved above $1,870 earlier today, Silver briefly broke above the key $24 per ounce level, to today’s high of $24.03. Traders are seeing the fear of uncontrolled inflation helping precious metals outweigh any concerns of rising interest rates. At 11am PT today, Silver is up $0.32 per ounce, trading at $23.95 on average volume.