Gold & Silver Rally On July Trade Deficit Spike

GOLD

Yesterday we saw weakness in the July U.S. Manufacturing and the Dow and precious metals moved lower. Today, we hear that the July U.S. trade deficit was $78.8 billion, the largest in the past two years. Gold quickly rallied off today’s low of $2,470 on this news.
At 11am PT today, Gold is trading at $2,494 per ounce, up $4 on average volume.

SILVER

Silver moved above $28 this morning on the trade deficit news. Silver reached a high of $28.42 before seeing light selling.
At 11am PT today, silver is up $0.17, trading at $28.20 per ounce.