Silver, Like Gold, Tests Its Support Level

GOLD

Gold tested the $1,700 per ounce support level in early Asian trading, and reached a low of $1,695 before finding major buying. U.S. consumer confidence index dropped to a reading of 86.9 this month from a downwardly revised 118.8 in March. This news caused equity markets to sell-off and precious metal markets to stagnate. At 11am PT today, Gold is down $5 per ounce, trading at $1,720 on normal volume.

SILVER

Silver, like Gold, also tested its support level of $15 per ounce, reaching $14.94 in early trading. World mints are now open and trying to catch up with their backlogs, so premiums should be dropping shortly. At 11am PT today, Silver is trading at $15.25 per ounce, down $0.04 on average trading.