The Gold price is behaving amazingly strong today. In the face of a higher U.S. Dollar, interest rates and equity markets, Gold will not break down. If someone told me two weeks ago that the U.S. Dollar Index was at 95, the 10-year U.S. Bond was trading at 2.45% and the DJIA was hitting record highs, I would have said Gold would be fighting to stay above the key $1,250 per ounce level.
Physical Gold’s trading volume has been over 375,000 CME hundred-ounce December 2017 contracts for the past three days. That shows heavy physical demand keeping the price around $1,270 per ounce. Like I said Wednesday, Thursday and today, there is a major buyer in the world Gold markets. At 11am PDT today, Gold is trading at $1,271 per ounce, up $2 on heavy volume.
Silver hit a low of $16.59 before Gold demand increased and rallied above $1,270 per ounce. For the most part of the day, Silver has been treading water in a tight range around $16.75 per ounce. At 11am PDT today, Silver is down $0.02, trading at $16.77 per ounce on good volume.
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