Interest Rates Moving Higher Is Causing Precious Metal Selling Pressure

GOLD

The interest rate on the 10-Year Treasury bill hitting a 3-year high is putting selling pressure on the precious metals. Gold reached a low of $1,917 per ounce this morning. The 30-Year home loan mortgage rate moved above 5%, the highest level in almost 10 years. Gold is finding strong price support every time it reaches the $1,920 level. At 11am PT today, Gold is trading at $1,922 per ounce, down $8 on excellent volume.

SILVER

Silver continues to follow Gold up and down, as it reached a low of $24.27 per ounce today. Demand for all of the Silver investment items continues to be strong at this price point. At 11am PT today, Silver is down $0.12 per ounce, trading at $24.36 on excellent volume.