Commerce Department Reports Retail Sales Had Biggest Decline In 28 Years

GOLD

The Commerce Department reported today that retail sales dropped 8.7% in March, the biggest decline in 28 years. The equity market (DJIA) dropped over 500 points. After reaching a 7 ½ year high yesterday, Gold saw some profit taking today, but stayed above the key $1,700 per ounce level. At 11am PT today, Gold is trading at $1,731 per ounce, down $14 on good volume.

SILVER

Silver sold off with Gold in an active market. Demand remains strong, but premium are beginning to drop. At 11am PT today, Silver is down $0.35 per ounce, trading at $15.52 on average volume.