Daily Market Report 04/04/14

GOLD

Yes, I was hoping to see a rally back above the key $1,300 per ounce level and it happened today, with Gold reaching a high of $1,307. Gold rallied $20 today, the most in three weeks after a government report showing U.S. job growth was less than expected triggered economic concerns, boosting demand for the metal as a store of value. Monday will be a very important day for the direction of Gold. If Gold can find strong Asian demand above $1,300 per ounce it would provide short term bullish sentiment for the other global commodity markets. At 11am PDT today, Gold trading at $1,303 per ounce, up $18 on excellent volume.

SILVER

After trading as high as $20.23 per ounce today, Silver could not hold the rally and sold off in late trading. At 11am PDT today, Silver is up $0.08 per ounce, trading at $19.90 on average Friday volume.