Gold Still Rallying, Silver Crashes Key Level

Gold

The Gold rally continued today, reaching a high of $1,577 per ounce. Gold is on its way back to the important $1,600 per ounce level, first reached this year during the Iranian missile crisis. Physical demand continues to grow from central banks and investors. At 11am PT today, Gold is trading at $1,572 per ounce, up $7 on nice volume.

Silver

Silver crashed through the key $18 level this morning, causing professional short-covering. Due to the short-covering Silver hit a high of $18.14 before seeing some light selling. It’s important that Silver stays in the current price area for a few trading days. At 11am PT today, Silver is up $0.30 per ounce, trading at $18.10 on good volume.