Many Increasing Gold Holdings Before Federal Reserve Meeting

GOLD

The Gold buyers came back today, as Gold reached a high of $1,338 per ounce in Asian markets. Many Hedge fund managers and professional traders are increasing their Gold holdings ahead of the upcoming Federal Reserve meeting. The general feeling is that the Fed is likely to cut interest rates. At 11am PT today, Gold is trading at $1,334 per ounce, up $6 on good volume.

SILVER

Silver did rally, reaching a high of $14.85 per ounce before short-sellers hit the market. Silver needs more time trading between $14.50 and $15 per ounce before a break is likely to happen. At 11am PT today, Silver is up $0.02 per ounce, trading at $14.77 on average volume.