Daily Market Report 4/18/13

GOLD

The Asian trading this morning was excellent harbinger of the general trend of the gold price. In Asia the price of gold sold down to $1,338 per ounce, and was looking like it could have broken the major support level, however a lack of selling combined with fresh bargain buying appeared. The gold price started to rally and while picking up volume moved all the way back to $1,380 per ounce. At 11am PDT, Gold is trading at $1,391 per ounce, up $10 per ounce on excellent volume.

PHYSICAL DEMAND CONTINUES TO GROW

Most Central Banks and Corporate investors that place tonnage orders for gold take it in the form of .999 fine gold bars, ranging from 100 to 400 ounce each, referred to as COMEX acceptable bullion bars. However, Small gold investors (Under $1 million) normal purchase coins and bars ranging from 5 grams to 1 ounce and that demand has been skyrocketing worldwide. Within the US, our Mint sold a record 63,500 ounces (2 tons) of U.S. Gold Eagles in just one day.

SILVER

Silver made a new 3 year record low this morning at $22.43 per ounce in Asia, as it followed the gold price. At that point bargain buyers and serious investors stepped in. At 11am PDT today, Silver is down $0.20 per ounce, trading at $23.25 per ounce on light volume.