Gold & Silver Drop Below Support Levels

GOLD

An ugly day for precious metal owners, with both the U.S. Dollar Index and the 10-Year Treasury rate hitting new 2021 highs. This caused Gold to drop through the key $1,700 per ounce support level and reached a low of $1,678 before finding sizeable bargain buying. I’ve lived through a number of down cycles in precious metals, but I always focus on the basic bullish long-term fundamentals and see them as a great buying opportunity. At 11am PT today, Gold is trading at $1,686 per ounce, down $28 on heavy volume.

SILVER

Silver briefly broke below the $24 support level, reaching a low of $23.98. With Silver at this level, I believe we will see higher demand and an increase in premiums on the popular Silver investment items. At 11am PT today, Silver is down $0.60 per ounce, trading at $24.15 on excellent volume.