Gold & Silver Break Below Key Support Levels

GOLD

Minneapolis Fed President Neel Kashkari said late yesterday that there’s a 40% chance that the central bank will need to push interest rates “meaningfully higher” to curb inflation. This statement affected the U.S. Dollar and Interest rates, driving them higher. Precious metal declined as the Dollar and Interest rates moved higher. Gold broke below the key $1,900 level late last night, and then short-sellers came in European and U.S. trading. They were able to drive the Gold price down to $1,872 where Gold found support. At 11am PT today, Gold is trading at $1,873 per ounce, down $29 per ounce on active volume.

SILVER

Silver fell with Gold on the stronger Dollar and Interest rates, reaching a low of $22.37 before finding bargain buying. Premiums on the popular Silver bullion coins remain low, which is encouraging new buyers. At 11am PT today, Silver is down $0.40 per ounce, at $22.55 on heavy volume.