Daily Market Update 4/22/11

GOLD
Gold trading was closed today in U.S. trading, however Gold did reach a new record high of $1,513.60 in Asia and was trading in Australia at $1,509 around Noon West Coast time. The ongoing euro zone sovereign debt crisis, unrest in the Middle East and North Africa, rising global inflation, and most recently worries over the fiscal stability of the United States, have fueled the record-breaking rally in these precious metals.

SILVER
U.S. commodity markets were closed as well for the Good Friday Holiday, but Silver was up in Asia and Australia reaching $47.65 an ounce on light holiday trading. It appears there is nothing to stop Silver from reaching $50 next week, the only question is: What happens at that valuation? Will we see profit taking, or will the market just continue to blow through $50 an ounce like it did with $40 an ounce Silver?

Demand for Gold and Silver investment and bullion products continues to be very strong; physical storage appears to be lightening up.

Tune in Tomorrow night (Saturday) to my weekly radio show on Talk Radio 790 KABC in the Southern California area, or listen to www.kabc.com at 9pm PST to hear an extended program on Gold, Silver and precious metals. The show is live (not recorded), so you can call in with your comments or questions to (800) 222-5222. The Guest Expert this week is Larry Hilton, the author of the Utah law that makes Gold and Silver coins legal tender and tax exempt in Utah.

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.