Precious Metal Markets Affected By Trade Talk Progress

GOLD

What appears to be progress in the trade talks between the U.S. and China gave the equity markets a lift this morning, while causing Gold to drop to a low of $1,490 per ounce. At that price buyers came rushing in and drove the Gold price back to the $1,500 level. News that the Chinese and Russian have already purchased over 250 tonnes of Gold this year helped demand. At 11am PT today, Gold is trading at $1,500 per ounce, down $8 on normal volume.

SILVER

Silver was also negatively affected by the Chinese news and reached a low of $17.36 before seeing major support. Silver quickly rallied back above the recent $17.50 support/resistance level. At 11am PT today, Silver is down $0.18 per ounce, trading at $17.60 on good volume.