Great Britain Inflation Causes Euro to fall as Dollar Rises

GOLD

Weak economic and strong inflation news from Europe has caused the Euro to decline and the U.S. Dollar to rally. The U.S. Dollar Index reached a 20-Year high this morning of 106.78, which has caused Gold and Silver prices to drop. Strong inflationary trends in Great Britain, is causing the Euro to drop, getting close to parity with the U.S. Dollar. Gold reached a low of $1,764 before finding support. At 11am PT today, Gold is trading at $1,767 per ounce, down $38 on heavy volume.

SILVER

This morning the Silver price fell with Gold to reach a low of $19.09 before finding serious bargain buying.With concerns about a coming recession many commodities are selling off today. Energy leads those commodities lower and Silver, Platinum and Palladium are following. At 11am PT today, silver is down 0.68 per ounce, trading at $19.17 on heavy volume.