Daily Bullion Market Update 10/19/11

By Barry Stuppler – MintStateGold.com

GOLD

At 11am PDT, Gold is trading at $1,646.90, down $9.50 per ounce on moderate volume. The gold market traded on a thin $22 price range awaiting firm news and hopefully a solution from European leaders about the Sovereign debt problems. Standard and Poor’s downgraded 24 Italian banks credit rating today as the European Debt crisis continues.

SILVER

Silver is down $0.59 at 11am PDT, trading at $31.31 per ounce on light trading with very little news to report.

Other Important news that affects precious metal prices:

The Commerce Department reported today that new housing starts surged 15% in September, the highest level in one-and-a-half years. Starts rose to a seasonally adjusted annual rate of 658,000, 10.2% above the September 2010 reading and the best level since April 2010.

U.S. consumer prices rose a seasonally adjusted 0.3% in September, while so-called core prices rose a lesser 0.1%, the Labor Department reported Wednesday.

Posted in: Bullion & Metals

About the Author:

Barry Stuppler & Co. offers a great selection of gold and silver, rare and investment quality coins to our valued clients. As the current elected president of the 30,000 member American Numismatic Association (ANA) and the president of the California Coin and Bullion Merchants Association (CCBMA), Barry Stuppler brings expertise and integrity to the numismatic trade.

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