Gold Trying To Move Above $1,240
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GOLD
Interest rates are falling – 10-year Treasuries are at 2.93%, down from 3.11% two weeks ago. This drop combined with a 700-point decline in the DJIA is very bullish for Gold, moving above $1,240 per ounce. This interest rate decline forecasts that it is less likely to see future Federal Reserve increases. At 11am PT today, Gold is trading at $1,239, up $7 per ounce on excellent volume.
SILVER
Silver has also reacted positively to the drop in the 10-year Treasury bills, briefly breaking above the $14.60 level for the first time in a month. As I have said numerous times, a firm move above $14.50 would be short-term positive for the metal. At 11am PT today, Silver is up $0.12 per ounce, trading at $14.53 on good volume.
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