Daily Market Report 4/4/13

GOLD

Gold is finding excellent price support with strong demand at its current level, in the face of a very strong U.S. Dollar. Gold did reach $1,540.10 per ounce (9,550 Chinese Yuan) early this morning when sizeable buying appeared, taking the market back above $1,550 per ounce.

At 11am PDT today, Gold was at $1,554 per ounce, unchanged and on the highs of the day, with heavy trading volume. Many chartists believe that when a commodity makes a new low, but closes on the highs of the day, it is a reversal day.

MORE & MORE MONETARY STIMULUS COMING

The Bank of Japan unleashed the world’s most intense burst of monetary stimulus on Thursday, promising to inject about $1.4 trillion into the economy in less than two years; a radical gamble that sent the yen reeling to record lows versus the U.S. Dollar.

SILVER

Silver showed excellent buying at the $26.56 per ounce, the low of the day, before seeing a small rally. I am seeing numerous reports from Asian precious metal dealers of heavy demand for physical investment silver products. At 11am PDT today, Silver is trading at $26.77 per ounce, down $0.17 per ounce on average volume.