Strong Gold Market Drives Bullish Sentiments For Silver

GOLD

Potential problems with Iran combined with the interest rate on the 10-Year Treasury dropping below 2% has sent Gold and oil soaring. Sizeable orders for physical Gold hit Asian and European markets this morning, which caused Gold to break above $1,380 per ounce and it kept on going higher. At 11am PT today, Gold is up a whopping $36 per ounce, trading at $1,390 on outstanding volume.

SILVER

The strength of the Gold market has scared many professional commodity traders to cover their short positions in Silver. Silver breaking above $15.25 has started to change many trader’s sentiment to neutral or bullish. Increasing physical demand in Asia and the middle east is also helping the price. At 11am PT today, Silver is trading at $15.45, up $0.39 per ounce on excellent volume.