Daily Market Report 4/8/13

GOLD

After last week’s volatility in the Gold market, it appears that the Gold price is consolidating in a tight trading range today. Gold has traded today with a low of $1,566 to a high of $1,582 on a normal volume of trading. At 11am PDT today, Gold is trading at $1,574, down $3 per ounce on average volume.

Central Bank Gold buying is increasing at a record pace

According to the data compiled by UBS, central banks bought $3 billion worth of Gold in the first two months of 2013.

SILVER

Silver is following Gold’s lead today, trading in a tight $27.07 to $27.46 trading range. I am not seeing a lot of support at the $27 per ounce support level, and this market could easily breakdown. At 11am PDT today, Silver is down $0.10, trading at $27.15 per ounce on light volume.

U.S. Mint Announcement

The U.S. Mint has cut back allocations for 1 ounce Silver Eagles shipments to their primary distributors, due to exceptional demand and storages of physical Silver.