Gold & Silver Drop On Worldwide Financial Correction

GOLD

The Gold buyers are back after last week's weak economic reports. Buying started in early Asian trading and Gold reached $2,458 before the bottom dropped out of the market. A major sell-off in the equity markets around the world took the Gold price lower. Growing concern about a deepening US economic slowdown weighed on markets, with traders worried that the Federal Reserve may be behind the curve on interest-rate cuts. Gold dropped below the key $2,400 per ounce support level.

At 11am PT Today, Gold is trading at $2,405, down $27.

SILVER

Silver dropped with the Gold price, breaking below the key $28 and $27 support levels on the same concerns.

At 11am PT Today, Silver is down $1.35 from Friday, trading at $27.13.