Daily Market Update 4/14/11

GOLD
Heavy global and domestic demand drove gold up $15.10 to $1,470.70 an ounce. Gold rose for a second day in a row today, as the U.S. dollar fell to a 16-month low against a basket of currencies, on expectations the Federal Reserve will lag global central banks in raising interest rates. Concerns over the U.S. initial jobless claims (which rose by an unexpected 27,000 last week to 412,000) added to the reasons to own gold.

 

BRICS Countries moving away from the Dollar and into more GOLD
Central bank data showed today that Russia’s gold and foreign exchange reserves rose to $508.4 billion the week of April 8, up from $504.5 billion a week earlier. Russia holds the world’s third-largest reserves.

Leaders from five of the world’s largest emerging economies met in China today for an annual summit of the organization formerly known as BRIC bloc, which expanded  to BRICS with the accession of South Africa in December 2010. Now the five countries are Brazil, Russia, India, China, and South Africa. Issues to be discussed include the reform of international financial institutions, global monetary reform, food safety, energy security, climate change, future dialogues of BRICS, and prospects for cooperation

 

SILVER
Silver s back and about to hit new 31 year highs. Silver closed at $41.78, up $1.50 on the day. Most traders have covered any short position and are neutral or long based on the strength of the market.  I believe the next target is $45 and we could see it before the month ends, based in inflationary news.  Demand for physical silver continues to grow, the most popular silver investment items are the U.S. Silver Eagle, Morgan and Peace Silver Dollars, and the 1 ounce .999 silver trade units.

 

For many of my clients and friends who are Gold & Silver addicts, I am now posting on Twitter multiple times during the day and night.

 

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