Daily Market Report 5/1/13

GOLD

Gold sold off this morning testing the $1,450 support level, and reaching $1,440 per ounce at one point. Excellent buying volume came into the Gold market today when it was trading below the $1,450 level. At 11am PDT Gold was down $21 per ounce, trading at $1,451 per ounce on excellent volume.

On Tuesday the Arizona State Senate approved a measure to make Gold and Silver legal currency in the state, in a response to what backers said was a lack of confidence in the value of the U.S. Dollar and international monetary system.

SILVER

Silver followed Gold lower today, reaching $23.25 per ounce at one point. Silver rallied back with Gold later in the day, but at 11am PDT today Silver was trading at $23.53 per ounce, down $0.67 on better than average volume.

DEMAND FOR SILVER EAGLES IS SOARING

U.S. Mint reported today that 1oz .999 Silver Eagle sale in 2013 has increased 57%:

• 1st four months of 2012 11,659,000
• 1st four months of 2013 18,310,000