Precious Metal Prices Respond To Geopolitical Turmoil

GOLD

In early Asian and European trading Gold reached a high of $1,511 on the Saudi drone strike news. When negative geopolitical events hit the market its away positive for precious metals but the Saudi issue, which could result in an oil shortage, could worsen the world’s economic condition. At 11am PT today, Gold is trading at $1,502 per ounce, up $10 on excellent volume.

SILVER

The Silver price was more affected by the Saudi issue and moved up more aggressively than Gold, because it was over-sold on Friday. Silver reached a high of $17.90 in Asian and European markets earlier today, but moved higher when U.S. markets opened. At 11am PT today, Silver is up $0.38 per ounce, trading at $17.92 on excellent volume.