Gold & Silver Drop Lower Due To New Crude Oil Prices

GOLD

The price of crude oil has dropped from $120 to $96 this week. That combined with concerns about tomorrow’s Federal Reserve interest rate announcement caused the price of Gold/Silver to drop lower. Gold tested the long-term support level of $1,900 per ounce, reaching a low of $1,906 before finding bargain buying. At 11am PT today, Gold is down $33 per ounce, trading at $1,928 on excellent volume.

SILVER

Silver is finding excellent price support above the key $25 level. Silver did see a low today of $24.53, but quickly rallied back. Lower crude oil prices has caused inflation estimates to come down in Europe and the US. At 11am PT today, Silver is trading at $25.09 per ounce, down $0.15 on excellent volume.