Daily Market Report 4/5/16

GOLD

The Gold price increased $12 this morning as global demand heated up and the European stock markets declined sharply, causing the U.S. Dollar to weaken. The German stock market dropped after data showing the biggest decline in German factory orders for six months suggested that Europe’s biggest economy is becoming caught up in a global slowdown. The U.S. Dollar weakened against the Euro and reached a 17-month low against the Japanese Yen. It was reported today that six out of seven major Hedge fund managers are bullish on Gold. At 11am PDT today, Gold is trading at $1,228 per ounce, up $10 on normal volume.

SILVER

Silver found a sizeable amount of Asian and European bargain buyers when it was trading under the $15 resistance/support level this morning. I think we saw a successful test of the $15 support level today, but tomorrow can confirm if the price can show good support above $15.10 per ounce. At 11am PDT today, Silver is up $0.12 per ounce, trading at $15.10 on excellent volume.