Daily Bullion Market Update 10/28/11
By Barry Stuppler – MintStateGold.com
Gold demand in overseas and domestic markets continues to be strong. Floor traders are now buyers on dips, compared to sellers on rallies early last week. At 11am PDT, gold is trading at $1,745.50, unchanged from yesterday’s close. Gold has increased over $125 in the past five trading days and volume continues to be very strong.
Leveraging the EFSF, the Eurozone bail-out fund, to over a trillion Euro ($1.4 Trillion Dollars) and plans to recapitalize Europe’s vulnerable banks, are forms of monetary stimulus, which is very bullish for gold at the expense of the world’s paper currencies.
Up $5 in a week is very impressive for Silver. Buying in reaction to the Eurozone settlement was also very impressive. At 11am PDT, Silver is down $0.20, trading at $35.25 per ounce on normal weekend volume.
Australia has unveiled the world’s largest gold coin, weighing in at a massive 1,000kg. 32,150 ounces of .9999 gold (One metric ton), with a face value of $1 million dollars and has current value is $58,000,000.
The Perth Mint has achieved “a record-breaking triumph” with the successful casting of the world’s largest gold bullion coin, made from 99.99% pure gold.