Silver Up as US Mint Reports January Eagle Sales Reach Record High

Commodities / Gold and Silver 2011 Jan 19, 2011 - 10:25 AM

By: GoldCore

Gold is slightly higher in the US dollar and other major currencies. Spot silver has given up early gains but the futures market has seen longer term contracts fall more in price so that while spot is up $0.09 to $28.96/oz, the July 11 contract is only trading up $0.01 to $29.00 and and the December 11 contract has fallen by $0.084 to $29.01.

The dollar has fallen to 78.42 on the US Dollar Index and is looking technically vulnerable of falling to long term support at 76.0.

Gold is currently trading at $1,370.85/oz, €1,015.90/oz and £857.64/oz.

Gold to Silver Ratio – 50 Year (Quarterly)



It would be wrong to assume that gold’s recent sell off is over. Hedge funds and leveraged speculators on the COMEX tend to be more technically driven – making “the trend their friendâ€