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Gold And Silver Hang In There



March 23, 2011 – Comments (0)

This morning gold and silver are both holding up very well despite the sharp bounce in the U.S. Dollar Index. Often, gold and silver will trade inverse to the U.S. Dollar Index, however, there are times when the precious metals and the U.S. Dollar can trade higher together.

The SPDR Gold Shares(NYSE:GLD) are trading higher by 0.69 cents to $139.74 a share. The move higher in gold comes as the problems in the European Union are escalating in Ireland, and Portugal, this morning. Many investors will sell the Euro and buy gold and silver when yields spike higher in the troubled Euro-zone nations. The GLD will have intra-day resistance around the $140.75 level.

The ishares Silver Trust(NYSE:SLV) is trading higher by 0.12 cents to $35.66 a share. The SLV is now trading at its 35 year high. The SLV will have intra-day resistance around the $35.85 and $36.10 levels. As long as central banks around the world continue to print money at an alarming rate gold and silver can be bought on pullbacks.

Nicholas Santiago

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