Daily Market Report 2/27/13

GOLD

After a $42 rally in the past two days Gold traded lower today. An additional bearish factor is the U.S. dollar’s strength versus the Euro based on the Italian election results. After reaching a high of $1,618 per ounce yesterday Gold needs to stay above the key $1,600 support level. At 11am PDT today Gold is trading at $1,597 per ounce, down $15 per ounce on average volume.

SILVER

Silver did break down below the $29 per ounce level early this morning on the European markets. Physical demand remains strong, with the U.S. Mint announcing the sale of almost 11 million 2013 1oz Silver Eagles as of February 26, 2013. At 11am PDT Today, Silver is down $0.40 per ounce, trading at $28.95 per ounce on average volume.