Daily Bullion Market Update 7/14/11

By Barry Stuppler – MintStateGold.com

GOLD

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

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.

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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