Supply/Demand Fundamentals Favor Silver Over Gold Right Now

GOLD

A slight run-up in the U.S. dollar caused Gold to test the $1,900 support level again today, reaching a low of $1,892. At that point, bargain buyers appeared and the price moved back above the $1,900 level. Hopefully, this will be the last time we test support and the Gold rally will continue. At 11 am PT today, gold is trading at $1,904. Unchanged from yesterday.

SILVER

The Silver price is holding in the $24.50 to $25 range, awaiting direction from the Gold price. The supply/demand fundamentals favor Silver over Gold right now, because many Silver mines were closed due to the coronavirus pandemic. At 11 am PT, today Silver is down $0.09 per ounce, trading at $24.59 on average volume.