U.S. Dollar Index Breaking Above 97

GOLD

With the U.S. Dollar index breaking above 97, we saw sellers in the precious metal markets. Gold quickly moved down to $1,211, but recovered $4 on excellent demand to move above the lows. Analysts are waiting for this week’s Federal Reserve statement for a year-end direction for the precious metal prices. At 11am PT today, Gold is trading at $1,215 per ounce, down $8 on good volume.

SILVER

Silver reached a low of $14.07 per ounce when Gold sold off in early trading. At that point bargain buyers appeared and rallied the price by $0.10 per ounce. At 11am PT today, Silver is down $0.08 per ounce, trading at $14.17 on good volume.