U.S. Consumer Confidence Number Jumps To 127.3

GOLD

Today, the U.S. June consumer confidence number jumped to 127.3 vs an expected 119.1, up from May at 117.2. That caused the U.S. Dollar Index to jump over 92 and Gold/Silver to sell off. Gold reached a low of $1,750 before seeing major buying, driving the price back up $14 per ounce. As I have said before, $1,750 is the major long-term support level for Gold. At 11am PT today, Gold is down $18 per ounce, trading at $1,762 on excellent volume.

SILVER

After reaching $25.50 on the consumer confidence surprise number, Silver quickly rallied back on increased volume. With Type 2 U.S. Silver eagles coming out next month, premiums are stronger. At 11am PT today, Silver is trading at $25.78 per ounce, down $0.35 on strong volume.