Silver Drops On Strong U.S. Economic Inflation Data

GOLD

The U.S. economic inflation data released today showed the first-quarter gross domestic product. GDP came in at up 1.3%, year-on-year and higher then the estimate of up 1.2%. The Gold price reached a low of $2,321 before turning around an moving higher.

A 11am PT today, Gold is trading at $2,345 per ounce, up $4 on excellent volume.

SILVER

Silver reached a high of $32.17 per ounce before the strong inflation news and then came the sell-off. The Silver price dropped to $31.09, testing the key $31 support level, before seeing some bargain buying.

At 11am PT today, Silver is down $0.90 per ounce, trading at $31.27 on heavy volume.