Daily Market Update 4/7/11

GOLD
Gold closed today at $1,461.20 per ounce, down $0.30 for the day. During trading today gold hit a new all-time high of $1,466.20 and traded in a narrow $13 range on good volume.  With a weaker Dollar and Crude Oil surpassing $110 per barrel on top of continued problems in Japan, Middle East and Euro Debt issues, gold continues to gain support at current price levels. It wouldn’t take must to have gold hit $1,500 per ounce (the next resistance number) next week.  

SILVER
Silver was down $0.04 today, closing at $39.61 per ounce. Today’s trading was calm with only a 38 cent range.

The Silver Institute released information today on World Silver production and demand. Read the full report at http://www.mintstategold.com/investor-education/silver_investment_2010/

PLATINUM & PALLADIUM
Platinum and Palladium futures are modestly softer today after another earthquake hit Japan. Concerns that demand for platinum and palladium would be lower if there was an extension in the suspension of auto manufacturing. Much of Japan’s car output was shut down after the massive earthquake nearly a month ago. 

Today’s Important News

• The Labor Department reported today that Americans filed first-time claims for unemployment insurance last week fell 10,000 in the week ended April 2 to 382,000, the fewest since Feb. 26. This indicates the labor market is recovering.
• ECB raised key interest rates by 25 basis points to 1.25%, the first time since 2008