Ugly Day for Gold as U.S. Dollar Index and Interest Rates Continue to Rise

GOLD

Another ugly day for Gold investors, with the price dropping below the key $1,650 per ounce support level. The U.S. Dollar Index continues to rise (112.84) and central banks around the globe are raising interest rates. The interest rate on our 10-Year Treasure rose to a new 20-Year high of over 3.8% this morning. At 11am PT today, Gold is trading at $1,645 per ounce, down $25 on average volume.

SILVER

Silver moved down with Gold this morning, breaking below the key $19 per ounce support level. Surprising, with demand for physical investment products strong and many of the leading world mints cutting allocations it doesn’t make cents. At 11am PT today, Silver is down $0.65 per ounce, trading at $18.90 on normal volume.