Precious Metals Rally After Fed Statement

GOLD

After Yesterday’s Fed statement on timing of the taper and future interest rates, Gold quickly bottomed out at $1,753. The news wasn’t as bad as many analysis expected and we saw fresh Gold buying. Gold quickly moved in late trading yesterday to $1,777 per ounce. Gold continued to see fresh buying this morning and reached $1,800 before seeing short term profit taking. At 11am PT today, Gold is trading at $1,796 per ounce, up $32 on strong volume.

SILVER

Silver followed Gold yesterday, reaching a low of $21.41 before seeing buying and quickly moving back above $22 per ounce. Like Gold, the buying kept coming this morning and Silver reached a high of $22.63 before seeing some light selling. At 11am PT Today, Silver is up $0.95 per ounce, trading at $22.53 on excellent volume.