Daily Market Report 04/10/14

GOLD

In the Federal Reserve minutes released on Wednesday April 9th, the Fed played down forecasts by some of its own policy makers that interest rates might increase faster than they previously predicted. “Several participants noted that the increase in the median projection overstated the shift in the projections,” according to minutes of the March 18-19 meeting of the Federal Open Market Committee released today. Some analysts have expressed concern that last month’s rate forecasts “could be misconstrued as indicating a move by the committee to a less accommodative reaction function.”

After reaching a low of $1,281 last Thursday, Gold has been able to stay above the key $1,300 per ounce support level. In late trading yesterday after the Fed minutes were released and again this morning, Gold rallied.

At 11am PDT today, Gold is trading at $1,318 per ounce, up $13 per ounce on good volume.

SILVER

Today’s Gold rally has helped Silver make a run to $20.40 per ounce before seeing short term profit taking and professional short sales. At that point, Silver declined $0.30, and has since traded in the $20.10 per ounce area. At 11am PDT today, Silver is up $0.32 per ounce, trading at $20.12 per ounce on excellent volume.