By Barry Stuppler – MintStateGold.com
Gold stayed above $1,600 per ounce for the past 24 hours. Gold traded from $1,604 to $1,630 on heavy volume as the European Central offered unlimited three-year loans to banks, who were urged to take the funds as a part of emergence concerted efforts to ease severe strains across the Eurozone’s financial system. Eurozone banks need help to overcome €720bn worth of funding due to mature next year. At 11am PDT, gold is trading at $1,613.40 per ounce, down $2.60 on excellent volume.
It appears as Silver has established a $29 to $30 per ounce trading range. There is excellent buying at $29 per ounce, while $30 brings in silver sellers. At 11am PDT, silver is down $0.21, trading at $29.34 per ounce on normal volume.