Silver Drops Below $19 Support Level as Producer Price Index Rose

GOLD

Inflation took an unexpected upturn this morning as the U.S. Labor Department said its Producer Price Index (PPI) rose 0.4% in September, following August’s 0.1% drop. The data was hotter than expected as economists were looking for a 0.2% rise. U.S. Labor Department said that for year PPI rose 8.5%. At 11am PT today, Gold is down $6 per ounce, trading at $1,671 on normal volume.

SILVER

Silver followed Gold lower, breaking below the $19 per ounce support level. At 11am PT today, Silver is trading at $18.98 per ounce, down $0.51 on active volume.