U.S. Dollar Rallies Causes Gold Sell-Off

GOLD

A rally in the U.S. Dollar (above 93) caused a sell-off in Gold this morning, reaching a low of $1,782, before seeing bargain buying. I’d like to see Gold move back above $1,800 by weekend, but it depends on the Dollar’s value. At 11am PT today, Gold is trading at $1,793 per ounce, down $16 on average volume.

SILVER

As Gold sold off, surprisingly Silver didn’t, holding above $23.50 and quickly rallying higher. Silver continues to show excellent demand at the current price level. At 11am PT today, Silver is trading at $23.92 per ounce, down $0.09 on excellent volume.