Daily Bullion Market Update 8/10/11

By Barry Stuppler – MintStateGold.com

GOLD

Another day, another All-Time high for Gold.  WOW what a run, and all information is pointing to continued demand.  At 11am PDT Gold is trading at $1,776.50 per ounce, up $34.00 on very, very active trading. At this current pace, my $1,900 year end prediction looks low.  J.P. Morgan’s commodity analyst Colin Fenton was on CNBC stating he felt Gold would reach $2,500 by year end.  He feels that the gold increase is no longer just a currency and debt hedge; but he believes that the greater risk is the volatility in the world’s currency and equity markets.

There was a lot of information in yesterday’s Federal Reserve’s Federal Open Market Committee (FOMC) statement that is driving these markets.  I will go into that information in great detail in next Monday’s Weekly Market Report. In the meantime, you can read the complete text of the FOMC statement at:  www.mintstategold.com/investor-education/fed_market_statement/

INTERESTING INFORMATION

If you took all the gold ever mined, it would fit into two Olympic size swimming pools.

If you took $1 trillion in $1 dollar bills and stacked them on top of each other, they would reach the moon and back four times.

SILVER

A little life in the Silver market this morning, but it is still not impressive. Silver is trading at $39.02, up $1.12 per ounce on heavy trading.  Demand from Asia is light with the primary focus on Gold.

Other Important news that affects precious metal prices:

China reported today that their trade surplus for July widened to $31.5 Billion

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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