Daily Market Report 4/716

GOLD

Late yesterday the FOMC released the March Fed meeting minutes. These minutes are very important because it provides clues to the future direction of U.S. interest rates. The minutes showed that Chairman Janet Yellen is unlikely to raise rates this month, and the balance of the year is a big question mark. Gold reacted to this news in Asia this morning, reaching $1,243 before seeing some short term profit taking. At 11am PDT today, Gold is trading at $1,237, up $14 per ounce on excellent volume.

SILVER

Silver rallied with Gold on the same news, reaching $15.39 per ounce. Physical demand for Silver investment products continues to pick up with the U.S. Mint selling almost 16 million 1oz .999 Silver Eagles since the beginning of 2016. At 11am PDT today, Silver is up $0.15, trading at $15.22 per ounce on good volume.