Daily Bullion Market Update 10/27/11
By Barry Stuppler – MintStateGold.com
Up another $20 today, and at 11am PDT is trading at $1,745.50. The European Leaders have developed a deal that has driven up the markets around the world. A combination of discounting Greek debt, recapitalizing the problem banks, and a stimulus program for nations with huge debt, has apparently excited the equity and precious metal markets. The run to precious metals has also by fueled by lots of talk in Washington DC about another round of monetary easing from the Fed (QE3). This is all based on a report that US Consumer Confidence is at a 2 ½ year low. Gold had made a major breakout, and the $1,800 level will probably be tested next week.
Silver is the big winner today. Up over 5% and trading at $35.35 at 11 am PDT on heavy volume. The concern over the European debt crisis leading to a global recession has been eased. Right after the Eurozone deal was announced, buyers came into the market, and at one point, buying reached panic stage. I would be very happy if Silver could stay above $35 per ounce for a few days.
PLATINUM & PALLADIUM
Both metals are up over 3% today with bullish sentiment at the many commodity markets around the world. The price difference between Gold and Platinum is now down to $100, compared to $130 earlier this week.