Gold & Silver Continue To Build A Great Support Base

GOLD

Gold held firm after yesterday’s CPI report showed consumer prices rising 0.1% in July and 3.4% from a year earlier, while core CPI rose 0.2% on the month and 2.5% year-over-year.

This morning in the U.S., Gold initially sold off after the PPI report showed final-demand prices were unchanged in July and up 4.7% from a year earlier, but the measure excluding food, energy and trade services rose 0.4% on the month and 4.7% year-over-year.

Meanwhile, initial jobless claims rose 9,000 to 209,000 for July, while the four-week average was unchanged at 199,000.

In earlier overseas trading last night, Gold showed excellent demand, trading above $4,400 per ounce. But I saw selling in London, taking the price down to $4,363 before seeing bargain buying.

At 11am PT today, Gold is trading at $4356.58, down $57.98

SILVER

Silver reached a low of $64.11 per ounce, testing the key $64 support level, during overseas trading in London this morning.

At 11am PT today, Silver is trading at $64.68, down $0.63.