Daily Market Report 04/08/14

GOLD

Gold rallied today as the dollar and equity markets fell on signs the European Central Bank may not be continuing to add more stimulus. Renewed tensions in the Ukraine increased Gold buying from Asia and the Middle East. Iraq’s central bank said it might buy more Gold in the next few months, having already purchased 60 tonnes over the past two.

Gold reached a high of $1,314 this morning before seeing some light profit taking. For most of the day, Gold traded in the $1,306 to $1,310 area on excellent volume. At 11am PDT today, Gold is up $21 per ounce, trading at $1,309 per ounce.

SILVER

Silver rallied with Gold this morning, reaching a high of $20.21 per ounce. Physical buying in Asia is picking up, while contract volume increased from yesterday. At 11am PDT today, Silver is trading at $20.05, up $0.15 per ounce.