Daily Bullion Market Update 12/07/11

By Barry Stuppler – MintStateGold.com

GOLD

As Gold trades higher on excellent volume, the market is back on track today. Gold has been trading in the $1,700 to $1,767 range for the past week, building excellent support. I would expect to see a break above the $1,770 resistance to move the market quickly to test $1,800 within the next week. Considering the eleventh-hour negotiations by EU ministers in Brussels, it looks like a final decision to create a much bigger financial stimulus package is coming. This package should be presented at Friday’s European Union summit, and will include running two separate rescue funds and winning increased support for the International Monetary Fund. At 11am PDT, Gold is trading at $1,741, up $13.70 per ounce with sizeable volume.

SILVER

Silver is trading in a very narrow $0.30 range, with global market uncertainty continuing to keep many investors on the sidelines. Once a European financial rescue package is announced I would expect to see serious investors adding silver to their holding. At 11am PDT, Silver is down $0.20, trading at $32.54 per ounce on light trading.

Posted in: Bullion & Metals

About the Author:

Barry Stuppler & Co. offers a great selection of gold and silver, rare and investment quality coins to our valued clients. As the current elected president of the 30,000 member American Numismatic Association (ANA) and the president of the California Coin and Bullion Merchants Association (CCBMA), Barry Stuppler brings expertise and integrity to the numismatic trade.

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