Weakening World Economy Provides Support For Precious Metals

GOLD

Gold briefly traded below the $1,500 level last night during Asian trading. After reaching a low of $1,497 per ounce, Gold quickly rallied above the important $1,500 support level. Concerns about a weakening world economy, a trade war and lower interest rates is providing support for precious metal prices. At 11am PT today, Gold is trading at $1,505 per ounce, down $2 on average volume.

SILVER

Silver also briefly broke the $17 support level in early Asian trading, but quickly bounced back. Silver continues to consolidate recent gains above the key $17 level. At 11am PT today, Silver is down $0.03 per ounce, trading at $17.15 on normal volume.