Daily Bullion Market Update 7/14/11
By Barry Stuppler – MintStateGold.com
It’s now eight days in a row that Gold has increased in value. At 11am PDT today gold has set another record all-time high at $1,589.70, up another $5.60 in very active trading. Gold has now increased over $102 (6.8%) since its recent July 1st low of $1,487.20. Gold did reach $1,594.70 in early trading today, which was only $5.30 from the resistance level of $1,600.
The Chinese government reported yesterday that their economy is growing at a rate of 9.5%. With an official inflation rate over 6%, the growth news should fuel continued Chinese demand for Gold and Silver.
Silver is also up eight days in a row, trading at $38.82 at 11am PDT, up $0,72 per ounce for the day on very heavy volume. Silver has now increased $4.88 (14.3%) since the recent July 1st low of $33.94. It’s important to point out that over this eight day rally, Silver has doubled the percentage increase of gold. Silver is now being seen by precious metal investors as a value play. Earlier today Silver did reach $39.47 per ounce. We did see some selling at that price range, but demand has been constant.