Daily Market Report 04/16/14

GOLD

In early trading in Asian markets Gold showed excellent support in the important $1,300 per ounce area. Evidences of China slowdown could have been part of the reason that Gold dropped $26 per ounce yesterday. China reported that the March M2 growth has slowed to 12.1%, below the central bank’s target of 13%. Gold could easily move higher if the situation in Ukraine were to heat up. At 11am PDT today, Gold is trading at $1,302.50 per ounce, up $1.50 per ounce on excellent volume.

SILVER

Yesterday, the lowest price Silver reached was $19.21. This morning, it hit $19.33 per ounce before showing sizeable purchasing at a higher level. Most of today, trading was in the $19.50 to $19.70 per ounce area with good demand from Europe and Asia. At 11am PDT today, Silver is up $0.12 per ounce, trading at $19.64 on average volume.