Precious Metals Lose Focus In Strong Equity Market

GOLD

A strong equity market, with the Dow Jones reaching a new high is taking the focus away from commodities like oil and precious metals. Gold reached a low of $1,492 before strong buying appeared. At 11am PT Today, Gold is trading at $1,494 per ounce, down $11 on good volume.

SILVER

Silver sold off with Gold reaching a low of $17.82 on light volume. If the Federal Reserve lowers interest rates later this week I would expect to see Silver move back over the $18 per ounce resistance level. At 11am PT today, Silver is down $0.11 per ounce, trading at $17.87 on normal volume.