Silver Continues To Be The Star Performer

GOLD

Gold continues to show excellent demand on a global basis, with the spot price reaching a high of $1,849 before settling back into the low $1,840’s. The next resistance levels for Gold are $1,850 and $1,877 (The recent high), giving Gold a little time to consolidate in the current price range. I would look for Gold to break above $1,850 by month end. At 11am PT today, Gold is trading at $1,845 per ounce, unchanged from yesterday on very active volume.

SILVER

Silver continues to be the star performer of precious metals, up another $0.45 today. As Silver broke through the $24 level yesterday, I saw lots of short-covering by professional traders. Silver should attempt to break the $25 resistance level soon after a little consolidation. The Silver-to-Gold ratio has dropped to 74.72-to-1. At 11am PT today, Silver is up $0.46 per ounce, trading at $24.72 on excellent volume.