Daily Market Report 3/27/13

GOLD

Today was a very bullish day for Gold owners. Earlier this morning in the Asian markets Gold traded down to as low as $1,590 per ounce on lackluster interest. At that point a major and very aggressive buyer appeared who made a sizable purchase (Central Bank?), rallying the market back above the key $1,600 per ounce resistance/support level. This Gold rally was very impressive considering the U.S. Dollar strength versus the Euro this morning, which normally is bearish for precious metals. At 11am PDT today, Gold is trading at $1,606.00 per ounce, up $9 on active volume.

Major Dutch Bank will not deliver Client owned Gold

Unlike American banks, many European banks buy, sell, and hold Gold and Silver bullion coins and bars for customers. Many bank customers allow the bank to hold their precious metals and pay a minimum fee for storage and insurance. Many European banks normally allows their clients to take delivery whenever they request it, however, because of the current financial crisis in Eurozone countries the large Dutch bank ABN Amro just told clients that effective April 1st they would not be allowed to take delivery of their Gold and Silver coins and bars anymore. Please read the following article by my friend Pat Heller for more details: http://www.mintstategold.com/investor-education/cat/news/post/dutch_bank_wont_deliver/

SILVER

Silver continues to trade in a very narrow range between $28.14 and $28.88 today. At 11am PDT today, Silver is up $0.03, trading at $28.77 per ounce on light volume.