Major Purchase In Silver Market Stimulates Gold Trading

GOLD

Gold rallied in overnight trading to reach a high of $2,070 per ounce. A lower U.S. dollar and a major purchase in the Silver market was the stimulus. Today’s U.S. trading is showing excellent support for Gold above $2,050 per ounce. At 11am PT today, Gold is trading at $2,057 per ounce, up $22 on good volume.

SILVER

A major buyer in the Asian Silver market took the price from $26.90 to $28.53 before sizeable selling came in. The volatility remains strong in Silver and seeing $1+ moves up and down is difficult for traders to deal with. Global Silver-backed exchange-traded products have posted all-time highs in 2020, currently standing at 25 billion ounces, having increased by 296 million ounces since January. At 11am PT today, Silver is up $1.40 per ounce, trading at $28.10 on excellent volume.