Daily Market Report 4/22/16
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GOLD
Based on the strength of the U.S. Dollar and traders selling their futures positions ahead of the weekend, Gold hit a low of $1,227 per ounce today on light volume. Gold continues to trade in the $1,210 to $1,250 range as its recent breakout above $1,250 per ounce was not sustained. Consolidation of the Gold price is healthy after the excellent rally since the beginning of the year. But, I am getting impatient to see a stronger Gold rally since this month’s Silver rally. At 11am PDT today, Gold is trading at $1,230 per ounce, down $21 on light volume.
SILVER
Since the beginning of April, Silver has rallied from $15.46 to a high of $17.71 (14.5%) in just 16 trading days. Silver Eagle demand is up 30%, reaching U.S. Mint sales this year of 17,912,500 1oz .999 Silver Eagles. Today, we are seeing some traders taking short term profits, driving the price down to a low of $16.82 per ounce. At 11am PDT today, Silver is down $0.10, trading at $16.92 per ounce on light volume.
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