Silver Soars Above Resistance Level

GOLD

In an interview with Fox News the President threatened to “cut off the whole relationship” between the U.S. and China. This statement caused Gold and Silver to rally sharply higher. Gold quickly moved over the key $1,750 per ounce resistance level. Plus, a worse then expected 16.4% drop in April Retail Sales contributed to more Gold demand. At 11am PT today, Gold is trading at $1,755 per ounce, up $20 on excellent volume.

SILVER

Silver soared through the $16 per ounce resistance level when Gold moved above $1,750 per ounce. All the professional commodity traders who were short Silver at $16 ran (not walked) for cover, driving the price up to a high of $16.81. At 11am PT today, Silver is up a whopping $0.82 per ounce, at $16.71 on excellent volume. YOU GOTTA LOVE DAYS LIKE TODAY.