Precious Metals Get Hit Badly

GOLD

Gold reached a low last night during Asian and European trading of $1,446 per ounce. Major buying appeared at that price (possibly Central Banks) and quickly drove Gold back over the important $1,500 per ounce support level. Right now, in the face of a global sell-off in the financial markets, Gold is fighting to stay above the key $1,500 level.At 11am PT today, Gold is trading at $1496 per ounce, down $27 for the day on heavy volume.

SILVER

Last night in Asian and European trading, Silver reached a low of $11.70, (no, that is not a misprint... $11.70 per ounce). As economies around the world close down, precious metals are getting hit badly. Silver, has since rallied back above the $13 level on record volume. At 11am PT today, Silver is down $1.60 per ounce, trading at $12.93 per ounce, on very heavy volume.