Daily Bullion Market Update 11/22/11
By Barry Stuppler – MintStateGold.com
Asian precious metal investors jumped all over the lower gold and silver price early this morning. Gold hitting $1,667 and silver bottoming out at $30.65, resulted in extraordinary buying that took the prices back up very quickly. Financial analysts around the world are coming to the same conclusion that only sizeable quantitative easing and stimulus packages will keep us from a double dip recession. At 11am PDT, gold is trading at $1,702.60, up $27.10 per ounce. Staying about the $1700 support level is very important.
Silver up $1.55 at 11am PDT today, trading at $32.65 per ounce on heavy volume. Trading in physical silver investment products is soaring in most of the Asian and Middle Eastern markets. Any price correction drives investors demand higher.
Other Important news that affects precious metal prices:
The U.S. Commerce Department reported today that The U.S. economy grew at a 2.0% pace in the third quarter, down from an initial estimate of 2.5%, mainly because companies reduced inventories and did not invest as much.