Year-End Rally In The Precious Metal Markets Starts

GOLD

Better late than never, my year-end rally in the precious metal markets started yesterday. Today, Gold is making its first attempt to break back above the key $1,500 per ounce resistance level. Gold did reach a high of $1,502 earlier today before see some short-term profit taking and fell back $5 per ounce. At 11am PT today, Gold is up $14 per ounce, trading at $1,499 on average volume.

SILVER

Silver continues to outperform Gold on this rally, reaching a high of $17.80 before seeing some light short-term profit taking. Silver is currently up $0.76 (4.5%) in the past week, and $18 is the next resistance level. At 11am PT today, Silver is trading at $17.76 per ounce, up $0.34 on normal volume.