Daily Market Report 4/26/13

GOLD

Gold traded as high as $1,484 per ounce earlier this morning, with good demand from Asia and a weaker U.S. Dollar. Gold then sold off to hit $1,448 per ounce later in the day. Gold needs a little consolidation time at this point, maybe through early next week, before continuing the rally to the next resistance level of $1,500 per ounce.

At 11am PDT today, Gold is trading at $1,454.20, down $1.00 per ounce from yesterday at the same time.

With this morning’s rally, Gold has increased 12% from the April 16th two-year low. Gold coin, bar and jewelry demand expanded from the U.S. to Asia and the Middle East. The Gold contract volume at the Shanghai Gold Exchange was more than six times last year’s daily average every day this week. Over-spot premiums on Gold jewelry and bars in India has jumped to five times normal levels. Gold Eagle sales by the U.S. Mint are the highest since 2009. South Korea, Turkey, Russia, and Kazakhstan added to their Gold reserves in February and March.

SILVER

Silver rallied to as high as $24.36 per ounce earlier today on higher than average volume. Silver then sold off with Gold later in the day, reaching $23.65 per ounce.

At 11am PDT today, Silver is down $0.22 per ounce, trading at $23.80 per ounce on excellent volume for a Friday.