Daily Bullion Market Update 11/10/11
By Barry Stuppler – MintStateGold.com
Gold sold off late yesterday on the Italian debt problem and a rally in the value of the U.S. Dollar. Gold fell to $1,734 per ounce before we saw sizeable buying. At 11am PDT gold is at $1,762 per ounce.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, added 3.025 tonnes from a day earlier to 1,267.153 tonnes by November 9, the highest since late August. The ETF saw an influx of nearly 24 tonnes so far this month, after an 11.6 tonnes gain in October and a slump of more than 30 tonnes in the previous two months. Investors are reviving an interest in gold.
Silver took price direction from Gold and sold off late yesterday. Silver hit the $33 support level late last night before rallying. At 11am PDT, Silver is trading at $33.94 per ounce, down $0.36 from yesterday. Without any serious economic news, silver could stay in the $33 to $35 per ounce trading range for a few weeks.