Silver Holds Incredible Gains After Gold Drops

GOLD

Gold reached a high this morning of $1,554 per ounce, a new six year high, on Asian and European and early COMEX safe haven buying. At that point the White House announced that China had contacted U.S. trade officials overnight saying they wanted to return to the negotiating table. China has yet to confirm the comment. Gold dropped $20 per ounce on that announcement, however it is still higher for the day. At 11am PT today, Gold is trading at $1,529 per ounce, up $2 on excellent volume.

SILVER

Silver reacted with Gold move this morning and quickly rallied an incredible $0.37 per ounce (2.1%). However, when Gold sold off, Silver surprisingly held most of its daily gains. Silver needs to stay above the key $17.50 level for a while, as it builds a firm base for the first move towards the important $18 per ounce resistance level. At 11am PT today, Silver is up $0.24 per ounce, trading at $17.68 on excellent volume.