Daily Market Report 4/22/13

GOLD

Gold opened in Asia above the key $1,400 per ounce support level and kept on moving higher. Hedge funds and other big speculators have plowed new money into Gold last Friday and again this morning as the Gold price reached a high of $1,435 per ounce before seeing any selling. A negative for paper Gold investors is the steady outflow of Gold stored by the exchange-traded fund (GLD), which dropped another 35 metric tonnes last week, reaching 1123 tonnes of Friday, the lowest level in three years.

At 11am PDT today, Gold is trading at $1,425 per ounce, up $28 per ounce on good volume.

SILVER

Silver has traded in a tight $23.11 to $23.70 per ounce price range most of today. At 11am PDT Silver is up $0.15 per ounce, trading at $23.40 per ounce.