Daily Bullion Market Update 6/06/11
By Barry Stuppler – MintStateGold.com
Gold closed today at $1,547.10, up $4.30 an ounce on light trading as the Chinese markets were closed for the Dragon Boat Holiday. The U.S. Dollar continues to be weak versus the Euro, reaching $1.46 to a euro. The geopolitical issues are in the news, with tensions at the Israel-Syria borders and massive protests on Sunday in Greece due to the austerity package agreements.
The World’s Central banks continue to add gold to their reserves, as the Russian Finance Minister, Alexei Kudrin, stated that Russia increased the gold holding by 44 percent, reaching $516 Billion Dollars over the last 5 months. He says that it proves the ruble’s stability and its potential to be an international currency.
Silver was up $0.46 today, closing at $36.90 an ounce with average volume. Silver staying above $34.90 for the past twelve trading days leads me to believe that the price correction should be behind us. Considering last week’s negative U.S. economic news, the possibilities of higher interest rates have been moved to next year and the chance of other round of Quantitative Easing (QE3) has increased dramatically.
For more information in regard to QE3, please read today’s Weekly Precious Metal and Rare Coin Report.
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