Metal Prices Surge As Inflation Decreases

GOLD

The Bureau of Labor Statistics said today that the inflation rate for the month of October fell to an annual rate of 7.7%, down from the 8.2% pace recorded in September and the 8.0% Street forecast. Interest rates and the U.S. Dollar sold off and the equity and precious metal markets exploded. The spot Gold price surged over $40, to $1,754 per ounce before slowing down. At 11am PT today, Gold is trading at $1,751 per ounce, up $47 on excellent volume.

SILVER

Silver followed Gold higher on the inflation decline and reached a high of $21.93 before seeing light selling. At 11am PT today, Silver is up $0.63 per ounce, at $21.73 on excellent volume.