Daily Market Report 3/14/13

GOLD

Gold dropped to as low as $1,575 per ounce early this morning after selling off when it reached the important $1,600 per ounce resistances level on Wednesday. Gold’s sell off this morning came after a positive news report that February U.S. retail sales are expanding at their fastest pace in five months. At 11am PDT today, Gold is trading at $1,593 up $3.00 per ounce on excellent volume.

Today the World Gold Council released a study on the Diversification Strategies being used by Central Banks to move from holding U.S. Dollars and Euros into Gold. I believe this is well worth reading at http://www.mintstategold.com/Central_Bank_Diversification_Strategies-WGC_032013.pdf

SILVER

This morning Silver turned down with Gold, reaching $28.54 per ounce before seeing the rally. The recent range has been from a $27.96 low to $29.45 high and I need to see Silver stay above $29 for a few trading days before the short term trend will become bullish. The Gold-Silver ratio is trading higher at 54.93-to-1. At 11am PDT today, Silver is down $0.11, trading at $28.85 per ounce.