Daily Bullion Market Update 10/13/11
By Barry Stuppler – MintStateGold.com
Gold trading over the past two weeks is looking very firm. While a trading range of $1,625 to $1,691 seems to be holding, there’s news on the horizon that should cause an upside breakout.
Physical demand remains strong in Asia and Europe, as the Chinese plan to install over 2,000 gold ATMs to help satisfy the growing demand. The U.S. Mint stated that 843,500 1oz gold coins were sold in the first nine months of the year, and The Royal Canadian Mint expects to set a new all-time sales record for the Maple Leaf this year, well over the million ounces sold last year.
Yesterday’s release of the September Federal Reserve meeting states that depending on the upcoming economic data, we could see a QE3 announcement by year’s end.
At 11am PDT gold was trading at $1,663.80, down $17.60 per ounce on light trading.
Silver had a brief sell-off in Asia, with the metal reaching $31.45 per ounce before we saw sizeable purchasing come in to the commodity market. Silver has been staying in a $30.50 to $33 trading range, as demand builds.
At 11am PDT silver was at $31.84, down $0.96 with normal trading volume.