Daily Bullion Market Update 8/10/11
By Barry Stuppler – MintStateGold.com
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/
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.
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