Precious Metals Rally On Shaky Trade Agreement
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GOLD
This morning gold opened $10 per ounce higher on statements from Chinese representatives that didn’t confirm the accuracy of the reported agreement between China and the U.S. President. A weaker U.S. Dollar index is also helping safe haven purchases of gold. At 11am PT today, gold is trading at $1,494 per ounce, up $8 on good volume.
SILVER
Silver rallied with gold on the concerns over any trade agreement with China seeming less solid. Bloomberg is reporting that China wants to hold more talks in October to finalize the details. Silver traded down to a low of $17.38 before strong buying caused it to rally back over $17.60 per ounce. At 11am PT today, silver is $0.16 per ounce, trading at $17.68 on excellent volume.