Gold & Silver Show High Volatility On Uncertainty

GOLD

Uncertainty is definitely leading to higher volatility in the precious metal markets. Concerns about the possibility of the IMF discussing selling Gold at the G20 summit in Johannesburg this weekend led to Gold volatility today. Gold reached a low of $4,024 in London last night before rallying back in New York.

Also, there is a possibility of an audit of U.S. Gold holdings. In the Senate, Sen. Mike Lee has proposed the Gold Reserve Transparency Act to audit all the U.S. Gold. This can only be bullish for the Gold price. Gold reached a high today of $4,102 in the U.S. before seeing a sell-off.

At 11am PT today, Gold is trading at $4,080 per ounce, up $18 on sizeable volume.

SILVER

Silver had more volatility than Gold in today’s trading. Silver hit a low of $48.57 per ounce in London before bouncing back to over $50 per ounce during U.S. trading.

At 11am PT today, Silver is trading at $50.35 per ounce, down $0.09 per ounce on excellent volume.