Margin Calls Driving Down Gold And Silver Prices

GOLD

Last night in overseas trading, Gold moved to a low of $2,970 when trading in Australia, then opened to a high of $3,065 per ounce as it rolled into Shanghai. During trading in London and the U.S., Gold traded above and below the key $3,000 per ounce level.

At 11am PT today, Gold is trading at $2,971, down $55 per ounce on heavy volume.

SILVER

Silver reached a low of $27.65 per ounce in Australia before starting a sharp rally as the market moved into China and Silver rose above $30 per ounce on heavy buying. During trading in London and the U.S., Silver traded above and below the key $30 per ounce level.

At 11am PT today, Silver is up $0.22, trading at $29.87 on heavy volume.