Daily Bullion Market Update 10/12/11
By Barry Stuppler – MintStateGold.com
Off and running again, Gold demand is building in Asia, physical shortages are being reported in Singapore and premiums on bullion coins and bars have increased. At 11am PDT Gold was up $20.40 , trading at $1,681.40 per ounce on excellent volume. Bolivia has joined the club of Central Banks building up their gold reserves, by adding 7 metric tonnes in August, as reported by the International Monetary Fund.
Trading at $32.80 per ounce at 11am PDT, Silver was up $0.61 today on heavy Asian demand, as this is the buying season in India. On the supply side, the world’s largest silver producer, Fresnillo, located in Mexico, slashed its full-year output guidance by three million ounces to 41 million ounces for 2011. Another Gold/Silver mining stock that has lowered production estimates, resulted in a selloff to its stock price. I continue to recommend owning the physical metal over mining stocks, funds, or ETF, for the best return.
To understand why you have the best returns of owning Physical Metals over everything else please read my Weekly Market Report Here http://www.mintstategold.com/investor-education/cat/markets/post/weekly_market_report_061311/