U.S. Interest Rates Are Pressuring Precious Metals

GOLD

As U.S. interest rates move higher (10-Year Treasuries over 2.50%), pressure is being put on precious metal prices. Gold has rallied this week from $1,928 to over $1,960 per ounce. Now, we are seeing Gold try to consolidate recent gains and create support above the $1,950 level. At 11am PT today, Gold is trading at $1,957 per ounce, down $11 on average volume.

SILVER

During this week, Silver has firmed up above the $25 per ounce resistance level. Silver reached a high over $26 on Wednesday's and Thursday’s rallies. Inflationary news is driving buyers into the popular Silver investment items and premiums are staying high. At 11am PT today, Silver is down $0.23 per ounce, trading at $25.50 on normal volume.