The Gold Rally Continues
Wow, the Gold rally continues, moving above the $1,280 per ounce level today. A combination of hedge fund buying and a lower Dollar Index is driving the price higher. At 11am PDT today, Gold is trading at $1,280.50 per ounce, up $2.50 on excellent Friday volume.
Silver reached a 4-month high of $15.38 per ounce. The Silver price has outperformed the Gold price in the past week, taking the Gold-to-Silver ratio down to 83.42-to-1. Once Silver broke out of the $15 resistance level, many of the traders covered their shorts and went long. At 11am PT today, Silver is up $0.13 per ounce, trading at $15.35 on excellent volume.