Daily Bullion Market Update 7/12/11
By Barry Stuppler – MintStateGold.com
Up, Up, and Away, Gold is up for the sixth day in a row. Gold is trading at $1,561.40 at 11am PDT, up $13.30 per ounce on heavy volume. Again, I believe staying above the important $1,550 resistance level will lead to setting a new all-time high (above $1,575) in gold very soon.
The global debt problems are all over the financial media and the run to gold continues in the PIIGS countries (Portugal, Italy, Ireland, Greece & Spain), as concerns about who defaults first is the topic of conversation by many financial analysts. Since December 2010, over 1 ½ million Chinese have been added to a monthly accumulation program, and that number will probably double within the next year as concern about the countries inflation grows.
The long awaited trial over the ownership of ten rare 1933 $20 Gold Saint Gaudens began in Philadelphia. More information, and the history of the questionable ownership of $80 million rarities is available at www.mintstategold.com/investor-education/cat/news/
Silver is took a backseat to gold yesterday, but has rallied today up $0.21 today, trading at $36.05 at 11am PDT. Trading has been active with continued buying from China and India overnight. We are in the summer months and as usual physical demand within the U.S. has decreased, so premium on many popular silver investment items are lower. With Silver at current price levels, I believe it’s an excellent time to add to your holdings.