Daily Market Report 4/10/13

GOLD

A combination of Fed minutes showing a possible early break in U.S. monetary stimulus, a cut in the Gold price forecast by Goldman Sachs, and the sale of $520 million in Gold (10 tonnes) by Cyprus, have driven Gold lower today, reaching $1,556 per ounce at one point. At 11am PDT today, Gold is trading at $1,560 per ounce, down $27 per ounce on the heaviest volume of the week.

Gold mining stocks continue to look like a poor investment

Unions representing workers at Chilean state copper producer Codelco, amongst other mining companies including Anglo American and BHP Billiton, are holding the first ever 24 hour national strike. The strike’s aim is to achieve greater job security for Chilean mining employees. Gold is a significant by-product from copper mining so these developments could potentially have a real impact on the supply side of Gold.

SILVER

Silver could not really get above the key $28 per ounce resistances level today, but did show some support around $27.45. At 11am PDT today, Silver is down $0.30 per ounce, at $27.65 per ounce.