Markets React To Treasury Secretary Yellen's Statement

GOLD

Just as Gold briefly broke above the key $1,800 resistance level this morning, a statement from Treasury Secretary Yellen was released. She stated that passage of the proposed Biden stimulus legislations could result in the Fed raising interest rates. That caused the entire financial market to decline, Gold reached a low of $1,770 before seeing bargain buying. Gold had a $30 high/low trading range today from $1,770 to $1,800 per ounce. At 11am PT today, Gold is trading at $1,778, down $14 on excellent volume.

SILVER

The Silver price volatility was stronger than Gold, with a high/low trading range of $1.15 per ounce, from a low of $26.04 to a high of $27.20 per ounce. Demand remains strong, as premiums remain high for most of the popular Silver investment items. At 11am PT today, Silver is down $0.48 per ounce, trading at $26.40 on excellent volume.