Surprise Retail Sales Increase Drives Gold Price Lower

GOLD

This morning the U.S. Department of Commerce reported that retail sales for October increased 0.3%, primarily on higher gas prices and automobile sales. This was a surprise because September sales dropped 0.3%, and analyst had predicted another drop. This news caused the equity markets to move higher and Gold to open lower, reaching a low of $1,461 per ounce. At 11am PT today, Gold is trading at $1,469 per ounce, down $5 on normal weekend volume.

SILVER

Silver also reached a low of $16.77 per ounce this morning as a reaction to the October retail sales surprise news. Bargain buyers are still active in the Silver pits and the price quickly moved back to the $17 level. At 11am PT today, Silver is down $0.08 per ounce, trading at $17 per ounce on average volume.