Gold Showing Strong Demand On The Way To $2,000

GOLD

The third-quarter U.S. Gross Domestic Product showed that the economy expanded by 4.9%, which was above economists’ expectations of 4.3%, and well above the final Q2 estimate of 2.1%. Gold traded at $1,974 in the minutes following the GDP release, down $10 on the day, and reached a low of $1,971 before seeing fresh buying. Today’s market lows incentivized buyers and Gold moved up to the highs of the day, over $1,988 per ounce. At 11am PT today, Gold is up $1.987 per ounce, up $3 on strong volume.

SILVER

The Silver price dropped with Gold and didn’t rally back with Gold. Silver needs to firmly move back above the key $23 support level ASAP to retain a bullish outlook from traders. At 11am PT today, Silver is trading at $22.78, down $0.15 per ounce on average trading volume.