Gold Remains Resilient On Safe Haven Buying

Piles of coins for your safe haven
Gold and Silver finished the week strong as world events have investors looking for alternative “safe haven” investments. After China reported its first monthly trade deficit in 11 months yesterday which certainly helped fuel the profit taking sell-off in anticipation of future interest rate hikes by China’s central bank to combat the countries historically high inflation. However, it is my belief that global investors are looking at the entire global picture and have once again chose the precious metals as their investment choice.

Savvier investors are using the Gold and silver markets as a hedge against higher energy prices as well as safe haven buying as geo-political tensions in the Middle-east and North Africa escalate and threaten the flow of Crude oil.

Also the European union debt crisis has once again resurfaced as Moody’s downgraded both Greece and Spain’s credit rating this week. Obviously all of the above are “bullish” precious metals and the markets are reflecting that as demand is forcing prices higher.

Saif al-Islam Ghaddafi the son of Libyan leader Muammar Ghaddafi Pledged that the Libyan government will never surrender and Western Countries will lose if they support the rebel uprising. Obviously this chaos / civil war is a long way from being settled and meanwhile Libya is not supplying Crude oil. Stay tuned…

This week produced another all-time high in Gold. Globex April Gold traded as high as $1445.70. Also Globex May Silver traded a new 31 year high as it traded $36.73 this week, truly amazing when you consider on January the 28th Gold traded a low of $1309.10 that is a move of $136.60 in a little over 5 weeks. The Global data as well as the geo-political tensions are helping support the resiliency of the precious metals.

This week the Department of Labor reported that Initial Jobless Claims is 379,000. This was worse than the projected 376,000

MY SWING NUMBERS FOR 3/14

APRIL GOLD

RESISTANCE # 2………………$1434.00

RESISTANCE # 1………………$1427.00

PIVOT…………………………….$1416.00

SUPPORT 3 1………………….$1410.00

SUPPORT # 2………………….$1398.00

VOLUME…………………………146,000

MAY SILVER

RESISTANCE # 2………………$37.25

RESISTANCE # 1………………$36.61

PIVOT…………………………….$35.33

Support # 1……………………$34.65

Support # 2……………………$33.40

Mike Daly / Gold Specialist

PFG BEST

mdaly@pfgbest.com

877-294-4669

312-563-8029

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

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