Silver and Gold Market Report 4/21/11

I will sum up today and put my early feeling on tomorrow into one post here. Today was a great day for gold and silver and here is why.

Gold was able to put some nice distance between it and 1500oz for a large part of the day. It will skip around here a bit as people become comfortable with the reality of 1500oz in their minds. Just like folks accepting high gas prices over time, this will sink in and then I am looking for a firm 1517oz close by the end of next week. In reality I think this could come much faster but I think thats a more predictable bet.

Silver continues to slaughter about everything in the market right now. Funny how you don’t see it get much attention. Make note of this because once CNBC is forced to finally give some good airtime to silver, I think this could really cause it to take off.

Furthermore, the tech rally today was great for silver. Remember, silver is heavily used in the manufacturing of all the electronic devices driving the tech rally. I see increasing demand on two fronts here. The industrial drive and safe haven play.

Finally, we about due for some shocking piece of news, its inevitable. This could really move the prices of both metal quickly.