Daily Market Report 03/19/14

GOLD

Gold sold off this morning as economic sanctions by the U.S. and European Union on a small group of Russian and Ukraine officials was seen as minimal reaction to Russia’s aggression in Crimea. Gold needs to quickly move back above the key $1,350 per ounce level to regain its bullish trend. The precious metal traders are looking to today’s Federal Reserve statement and press conference for some short term direction in the Gold Market. At 11am PDT today, Gold is trading at $1,338 per ounce, down $22 per ounce on heavy volume.

SILVER

Silver showed surprisingly strong demand and support in the face of a $22 drop in the Gold price today. Silver continues to have excellent demand at the $20.50 per ounce level. At 11am PDT today, Silver is down $0.12 per ounce, trading at $20.75 per ounce on heavy volume.