Precious Metals Rally on Russian Gas & Oil Ban

GOLD

Today, President Biden banned Russian gas and oil and the price of precious metals exploded higher. Gold reached the 2020 all-time high of $2,071 per ounce, a $79 rally, before quickly seeing short-term profit-taking, which took the price down $45 per ounce. The volatility has been caused by news on inflationary indicators (Wheat up 40% in a week) and the Ukraine war. At 11am PT today, Gold is trading at $2,049 per ounce, up $53 on strong demand.

SILVER

As the Gold price moved higher this morning, Silver broke above the $26 and $27 per ounce resistance level. Silver reached a high of $27.13 (a $1.51 rally), before seeing profit-taking. The Silver price is in a highly explosive mode right now, and demand is only increasing. At 11am PT today, Silver is trading at $26.48, up $0.79 on excellent volume.