Daily Market Report 4/9/13

GOLD

It’s about time investors begin to realize that Gold demand is greater than the supply and at the current price level it is undervalued. This morning a Gold rally started in New York right after the open, and continued gaining strength as the trading day progressed. A weaker U.S. Dollar against the Euro was also a helpful factor. At 11am PDT today, Gold is trading at $1,587, up $13 per ounce on average volume.

China’s Gold demand increases by 89% in February

China imported 557 tonnes of Gold in 2012, and 51.3 tonnes of Gold in January 2013. The Hong Kong Statistics Department announced today that China, due to the low price, imported 97,105 tonnes in February 2013, an 89% increase over January imports. Based on Gold imports for the first two months of the year it is easy to project 800 tonnes imported by China in 2013.

63% of Dubai delegates believe $3,000 Gold by 2014

In a final poll at last week’s 2nd edition of the Dubai Precious Metals Conference, 63% of delegates thought Gold was heading towards $3,000 by 2014 and 37% felt that Gold will tumble towards $1,000. The vote followed a lively discussion between the conference’s leading bulls and bears Read the complete article at http://www.mintstategold.com/investor-education/cat/news/post/3000_gold_by_2014/

SILVER

Silver followed Gold higher this morning on light volume. At one point today Silver reached $28.11 per ounce, rallying over the important $28 resistance level, but wasn’t able to hold. Silver needs to stay above the $28 per ounce level for at least two days to turn short term bullish, and above $30 per ounce to change the general bearish trend. At 11am PDT today, Silver is up $0.80 per ounce, trading at $27.95 per ounce on light volume.

U.S. Mint selling record amounts of 1 ounce Silver Eagles

1,645,000 one ounce .999 Silver Eagles have been sold by the U.S. Mint as of April 8, 2013. Considering that total sales of April 2012 was 1,520,000 and we have three weeks to go, U.S. Mint Silver sales are running at an extraordinarily high pace. In response to the continued massive demand for Silver eagles, the mint also has begun rationing sales of Silver eagles to primary dealers resulting in supply delays!