Gold & Silver React To Federal Reserve News

GOLD

Gold reached a low this morning during European trading of $3,659 before finding bargain buyers. The Federal Reserve just announced a ¼ percent cut in interest rates with 2 more cuts later this year. The Gold market reacted and moved over $3,700 per ounce, reaching a high of $3,705 before immediately selling off.

At 11am PT today, Gold is up $5 per ounce, trading at $3,692 per ounce.

SILVER

Silver fell below the $42 level this morning, reaching a low of 41.16 before encountering heavy demand. Silver quickly jumped over $42 on the Fed announcement.

At 11am PT today, Silver is down $0.40 per ounce, trading at $42.10 on excellent volume.