Daily Bullion Market Update 11/30/11
By Barry Stuppler – MintStateGold.com
It’s an exciting day for Gold investors. Major actions are being taken by the World’s Central Banks to provide economic stimulus for European and Asian countries, thus driving the Gold price higher. The U.S. Federal Reserve and central banks from Europe, Japan, Britain, Canada and Switzerland have joined together to make more dollars available at cheaper prices in an effort to ease liquidity strains in financial markets. Additionally, China has cut reserve requirements for Chinese banks to help fight off recessionary trends. The Euro and European shares rallied on the news, which came after eurozone finance ministers, meeting in Belgium, agreed to ramp up the firepower of their bailout fund, but acknowledged they may have to turn to the International Monetary Fund for more help.
So, what is the result of today’s Central Bank monetary stimulus?
At 11 am PDT:
U.S. Stock Market Dow Jones up 400 points
Oil up $2 per barrel
U.S Dollar down 1%
Gold up $32 per ounce, at $1,747.10 on very heavy volume
Silver up 80 cents in active trading
At 11am PDT Silver is up $.80 trading at $32.82 on very bullish news. The action taken by the World’s central banks today in quantitative easing and long term is very bullish for all precious metals and commodities. I would be more short term bullish on Silver if it can get above $33 per ounce and stay for a few days. Today’s Silver to Gold Ratio is 53.23 to 1.