Silver Continues To Take Direction From The Gold Market

GOLD

In overnight Asian trading Gold hit $1,670 per ounce, but when it rolled into European/U.S. trading, Gold was driven down to $1,642 on average volume. In the face of today’s 1,000-point drop in the U.S. Dow/Jones average Gold continues to find support around the $1,650 level. I am amazed that with most financial markets dropping at an extraordinary rate, Gold is finding major support above the $1,640 area. At 11am PT Today, Gold is trading at $1,647 per ounce, down $14 on good volume.

SILVER

Silver has traded today between $16.75 and $17.10 in active trading. Silver continues to take direction from the gold market. At 11am PT today, Silver is down $0.10 per ounce, trading at $16.84 on strong volume.