News From EU Drops Gold And Silver Prices In Markets

GOLD

After the European Central Bank had it’s regular monetary policy meeting last night Gold came down slightly and seems to reverse that trend during U.S. trading hours. The Federal Reserve is also expected to release it’s May Report for the U.S. Consumer Price Index (CPI) and the market is expecting around a 8.2% increase compared to the 8.3% increase for April. At 11am Gold is $1852.72 down by $5.74 on above average volume.

SILVER

We saw Silver short sellers come in pretty quickly this morning in the U.S. and brought back the metal to $21.535 before turning around. Right now were seeing Silver head back towards the $22 level. It’s hard to see what caused the selling other than the minor news from the EU, but we’ll keep watching this. At 11am Silver is $21.89 down by $0.29 on below average volume.