Daily Market Report 3/22/13

GOLD

Today, Gold is trading near a four week high, underpinned by safe-haven demand (on the fear of a potential financial meltdown in Cyprus) which has put bullion on track for some serious price appreciation. If the Cyprus government does not come up with a solution to clinch an international bailout, it faces a collapse of its financial system and likely exit from the Eurozone. Gold tested the $1,600 support level this morning and at 11am PDT today, Gold is trading at $1,607.60, per ounce, down $8.20 per ounce on normal Friday type volume.

Texas Wants to Establish a Bullion Depository to hold Gold

Texas lawmaker has proposed a new piece of legislation that would create a Texas Bullion Depository, which would allow the state and its citizens to store Gold bullion in its own facility in Texas, for protection of the state. Read the complete story at http://www.mintstategold.com/investor-education/texas_hoarding_gold/

SILVER

Silver traded in a consolidation range today from $29.00 to $29.30 per ounce. The next important short term resistance level is at $29.45. Silver couldn’t hold above the key $29 per ounce support level and at one time this morning traded as low as $28.50 per ounce At 11am PDT today, Silver is down $0.50 per ounce, trading at $28.78 per ounce