September's CPI Caused Precious Metals To Go Up

GOLD

Today’s report that the September Consumer Price Index jumped 5.3%, which was more than what was projected, caused a positive move for precious metals. Gold broke out above the recent $1,750-$1,765 range on this sign of coming inflation. Gold hit a high of $1,797 before finding sellers. At 11am PT today, Gold is trading at $1,795, up $32 on excellent volume.

SILVER

Silver moved aggressively with Gold this morning on the CPI news, breaking above the $23 per ounce resistance level. Silver reached a high of $23.33 before seeing some short-term profit taking and fresh short-selling. At 11am PT today, Silver is up $0.59 per ounce, trading at $23.24 on good volume.