Daily Market Update 04/02/12

GOLD

Gold is back on track and the market price is up $10.40 per ounce this morning. At 11am PDT gold is trading at $1,679.20 an ounce on average volume.

As we enter a new month, let’s look back on what has happened since the beginning of the year. With all the volatility in the markets, Gold managed to increase $106.10 per ounce (6.78%) in the first three months of the year. At the same rate of increase for the balance of the year, Gold would reach $1,990 per ounce by Dec. 31, 2012, $10 under year-end target.

SILVER

Today silver started the month with strong buying, driving the market through the $33 per ounce level. At 11am PDT, Silver is trading at $33.10, up $0.64 per ounce on excellent volume.

As for silver’s price performance in 2012, it is up $4.60 per ounce (16.51%) since January 1, 2012.  We are now in the month of April; remember last year silver rallied sharply from $37.73 per ounce on April 1, 2011 to $49.84 per ounce on April 25, 2011 a $12.11 per ounce increase (32%).