Labor Department's PPI Report Helps Gold Move Back Above Key

GOLD

A slight decline in the U.S. Dollar Index combined with today’s September Labor Department's PPI report showing an increase of 0.4%, above expectation, helped Gold move back above the key $1,900 level. In European and U.S. trading, Gold reached a high of $1,914 before finding short-term profit taking. At 11 am PT today, Gold is trading at $1,904 per ounce, up $11 on good volume.

SILVER

As the price of Gold moved higher in Europe, Silver hit a high of $24.73 before finding sellers. $24 appears to be a good support level for Silver, but another serious move above $25 is an excellent short-term indicator for the year-end rally I’m looking for. At 11 am PT today, Silver is up $0.25, trading at $24.32 per ounce on normal volume.