Precious Metals Find Support Following Testimony To Congress

GOLD

In testimony late yesterday to Congress, both Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell stated that the U.S. economy faces the possibility of permanent damage because of the lock-downs triggered by the coronavirus pandemic. Precious metals found support from these statements as this gives them the ability to request more stimulus funding. At 11am PT today, Gold is trading at $1,752 per ounce, up $4 on average volume.

SILVER

Silver appeared heading for a test of the $17 support level this morning, but sizeable buying came into the market when it reached $17.25. Silver quickly moved back to the $17.50 level and has stayed there most of the trading day. At 11am PT today, Silver is up $0.06 per ounce, trading at $17.57 on good volume.