October PPI Reports Help Gold And Silver Rally In Markets

GOLD

This morning the producer price index report (PPI) for October came in at up 8.0%, year-on-year, compared to a rise of 8.3% that was the consensus forecast. This lower-than-expected indicator caused Gold and Silver prices to rally quickly. Gold reached a high of $1,787 before seeing short-term profit taking. At 11am PT Today, Gold is trading at $1,775 per ounce, up $3 on average volume.

SILVER

Silver rallied with Gold on the PPI news, reaching a high of $22.35 before seeing heavy short-selling and profit taking. The Silver price sold off to a low of $21.41 before finding buyers. At 11am PT today, Silver is down $0.43 per ounce, trading at $21.59