Daily Market Report 4/2/13

GOLD

Gold dropped to a low of $1,573 this morning as strength in the US Dollar ($1.27 to the Euro) increased from reports of weak manufacturing data and increasing unemployment in the Eurozone. Gold’s weakness was also caused by an increase in US equities following upbeat sales data for car makers and global investors escaping from weak European countries. At 11am PDT today, Gold is trading at $1,577 per ounce, down $23.50 per ounce on very heavy volume of trading.

SILVER

Silver hit new 2013 lows today, reaching $27.18 per ounce this morning. Not holding technical support this morning caused liquidations today resulting in Silver reaching its lowest level in eight months. Silver’s next major support level is $26 per ounce, a multi-year triple bottom. At 11am PDT today, Silver is down $0.73, trading at $27.30 per ounce on excellent volume.

Sales of US 1 ounce Silver Eagle coins produced by the US Mint have surpassed 15 million as of today, a number not hit until late June last year with physical sales of Silver Eagles running at the highest level ever since records began in 1986.