Daily Market Update 4/13/11
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GOLD
Gold closed today at $1,455.60, up $3.20 for the day. Excellent demand for Gold in Asia, the Middle East, and Europe reversed lower prices, continuing to build the base. Look for Gold to reach $1,480 within the next week and breakout to $1,500 shortly thereafter.
SILVER
Silver was up $0.26 today, closing at $40.28 per ounce. Since Monday the trading volume in Silver has been extraordinarily high. A combination of new long positions and profit taking at 31 year high prices has provided high volatility. If silver can just stay in the $40 to $41.75 price range till Friday, I would look for prices to move higher early need week. In global trading, silver joined other commodities including crude oil, cotton, and corn, trading at or near record highs. Many market analysts are still concerned about worldwide food and commodity inflation.
Rising world interest rates suggest increasing inflationary price pressures, and that’s bullish for the precious metals markets--especially in light of the fact that for over two years the major central banks of the world have been ostensibly printing money to try to revive world economic growth.
Today’s Important News
- Commerce Department reported today that U.S. retail sales rose in March for a ninth consecutive month, showing the improving job market is helping Americans cope with higher costs for fuel and food. March purchases increased 0.4 percent following a 1.1 percent February gain that was larger than previously estimated.
- The International Monetary Fund has lowered its forecast for economic growth in the U.S. amid rising commodity prices, and has downgraded its outlook for Japan after the earthquake and tsunami.
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Silver Remains On The Defensive Below $27.50 On Easing Middle East Tensions By
Mint State Gold
April 24 2024
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China's Demand for Gold Is Unstoppable As Consumers, Investors, And The Central Bank Fuel A Record-Breaking Price Surge By
Mint State Gold
April 22 2024