Silver Jumps Higher On June PPI Numbers

GOLD

This morning the Producer price Index (PPI) was reported for June and it was surprising low, showing an increase of only 0.1%. This could result in the Federal Reserve re-thinking any increase in the Fed Fund Rate at next week’s meeting. The price was Gold quickly rallied on this news, reaching a high of $1,964 before seeing some light profit taking. Today is the second day that Gold as stayed above the $1,950 support/resistance level. At 11am PT today, Gold is trading at $1,960 per ounce, up $4 on strong volume.

SILVER

The Silver price moved sharply higher on the PPI report, reaching a high of $24.88 before seeing some light selling. Silver is up over $2 per ounce this week and approaching the key $25 level. At 11am PT today, Silver is up $0.70 per ounce, trading at $24.78 on heavy volume.