Daily Market Report 03/21/14

GOLD

Gold has traded in a tight price range most of the day, between $1,330 and 1,340 per ounce. Many of the traders who shorted Gold when it broke below the $1,350 support level are covering (buying) the sales going into the weekend. At 11am today, Gold is trading at $1,335 per ounce, up $4.50 per ounce on average volume.

SILVER

India lost its position as the world’s largest Gold consumer to China in 2013, however it is not ready to let go of its top position with regards to Silver. India imported 5,500 tonnes of silver in 2013, 180% more than 2012, when they purchased 1,900 tonnes of silver. At 11am PDT today, Silver is trading down $0.12 per ounce, at $20.28 per ounce on light volume.