Indications Of Inflation Cause Gold To Breakout

GOLD

Strong indications of a faster increase in inflation worldwide caused a breakout in the Gold price this morning. Gold reached a high of $1,832 before seeing some light selling. A close above $1,820 for a couple days will be very bullish for the short-term price direction. At 11am PT today, Gold is trading at $1,823 per ounce, up $15 on good volume.

SILVER

Silver rallied with Gold, reaching a high of $26.55 per ounce, but sold off most of the increase. Right now, Silver isn’t showing the same price support and demand as Gold. At 11am PT today, Silver is up $0.08 per ounce, trading at $26.20 on normal volume.