Precious Metal Markets Dip As Dow Rises

GOLD

Due to the Coronavirus the Chinese’s central bank injected a large amount of money into the financial system this morning. These funds will help domestic businesses that are hurt by the outbreak. Asian equity markets reacted positively and that rally continued into Europe and the U.S. markets.In the U.S. the Dow is currently up 500 points, negatively affecting the precious metal markets. Gold is testing the key $1,550 per ounce support level today. This is an excellent opportunity for investors to add to their Gold holding. At 11am PT today Gold is trading at $1,552 per ounce, down $32 on active volume.

SILVER

Silver tested its $17.50 per ounce support level this morning, reaching a low of $17.51 before rallying back. This is the fifth time Silver has tested the $17.50 support level this year and has come back. At 11am PT today, Silver is trading at $17.61 per ounce, down $0.06 on active volume.