Healthy Gold Consolidation In Tight Range

GOLD

Gold traded in a narrow range this morning, between $1,294 and $1,301 per ounce. In the face of a stronger U.S. Dollar and higher equity markets, this consolidation is healthy for Gold. Lower interest rates and the high probability of the Federal Reserve cutting rates by year-end is bullish for Gold. At 11am PT today, Gold is trading at $1,298, up $2 per ounce on average volume.

SILVER

The Silver price is also consolidating in a narrow trading range, just above and below the $14.80 per ounce level. After the recent Gold rally, the Silver-Gold ratio has increased to 87.7-to-1. At 11am PT today, Silver is up $0.03, trading at $14.80 per ounce on normal volume.