Silver Showing Price Strength On PPI Numbers

GOLD

Today, the US released the Producer Price Index (PPI) and Retail Sales from October, which was a decline of .5%. This is substantially lower than the expectation of an increase of .1%. The October decline is the largest decrease in final demand prices since a 1.2-percent drop in April 2020. Gold initially rallied up to $1,975 per ounce on the PPI news, then saw short-term profit taking.

Moody's credit rating agency has downgraded the U.S. economic outlook to "negative" from "stable." It is the latest in a series of issues flagged by rating agencies about the weakness of the financial status of the United States.

At 11am PT today, Gold is trading at $1,961 per ounce, down $3 on average volume.

SILVER

Silver reacting more positively to this morning’s PPI news. Silver quickly rallied $0.55 per ounce, reaching a high of $23.71 before slowing down.

At 11am PT Today, Silver is up $0.28 per ounce, trading at $23.43 on excellent volume.