Daily Market Report 4/23/13

GOLD

Goldman Sachs said this morning that they had taken their profit and closed out their short Gold trade and are now neutral on the precious metal. UBS commented this morning that they are seeing tremendous buying of Gold in Asia, with Shanghai Gold Exchange reaching a new record of 57.6 metric tons of Gold in Monday’s trading. With this news, Gold seems to be showing support above the $1,410 price point now instead of testing the $1,400 level. This is a positive sign and I’d like to see it hold these levels as it prepares for its next run.

At 11am PDT today, Gold is trading at $1,410.80 per ounce, down $16.50 per ounce.

SILVER

While physical demand for Silver is running at a record pace within the U.S., Asia, and the Middle Eastern bullion markets, the price continues to be weak. This morning the Silver price tested the $22.60 per ounce level again, but is now testing the $23.00 price level. I’ll be watching Silver trading throughout the day, but I wouldn’t be surprised if it breaks through $23 again as it already is comfortable trading in the mid $23’s.

At 11am PDT today, Silver is down $0.47 per ounce, trading at $23.04 per ounce on average volume.