Daily Market Report 4/24/13

GOLD

Yesterday Gold tested the $1,400 per ounce support level for the 2nd time and held with good volume. During yesterday’s and today’s trading most of the professionals preferred to own Gold at the current level then to sell it. This morning I saw the traders wanting to buy Gold from the opening gun and fresh investor demand followed.

At 11am PDT Today, Gold is up $14.50 per ounce, trading at $1,425.30 per ounce on average volume.

Physical Gold sales are soaring

Great Britain’s Royal Mint reports that Gold coin sales have more than tripled in the month of April. While the U.S. Mint has temporarily suspended sales of its one-tenth ounce American Eagle Gold bullion coins because of inventory depletion due to strong demand, but continues to fill the heavy demand for the one-ounce, one-half ounce and one-quarter ounce coins.

SILVER

Silver continues to have a difficult time staying above $23 per ounce. Considering Gold is developing excellent support above $1,400 per ounce, it is disappointing that Silver keeps getting sold down above $23.00 per ounce.

At 11am PDT Silver is trading at $22.96 per ounce, down $0.08 per ounce on normal volume.