Daily Bullion Market Update 11/07/11
By Barry Stuppler – MintStateGold.com
Up Up and away….We have gold up $37.10 per ounce at 11am PDT, trading at $1,791 per ounce on very active trading. German newspapers reported over the weekend that leaders at the Group of 20 Summit in Cannes, France, had floated the idea that the Bundesbank’s gold reserves could be used to underpin the European Financial Stability Facility. That plan was quickly rejected by senior German officials.
Finally back to $35.00 per ounce, trading up $0.87 at 11am PDT on excellent volume. The gold to silver price ratio has gone up to 51 ounces of Silver being equal to 1 ounce of Gold.
At a $125 discount to gold, platinum looks very attractive. When the Eurozone gets their act together, this discount will disappear. So, if you haven’t already added Platinum to your precious metal investment holding I would recommend doing it now. The best trading platinum investment product is the 1 ounce .999 Australian Platypus, which trades at a low premium.