Daily Bullion Market Update 8/25/11

By Barry Stuppler – MintStateGold.com

GOLD

Gold hit $1,701.70 in overnight trading and quickly bounced back to $1,730. It looks like the $1,700 area has major support for Gold.  Building a base in the $1,700 to $1,775 area for the next two to three weeks would be very supportive of the long term market health, while representing good value considering the recent high of $1,912.60 per ounce. At 11am PDT gold is trading at $1.757.20 an ounce on excellent volume, down $7.80 from yesterday at the same time.

SILVER

Silver’s price is actually behaving better than gold.  Silver hit $38.76 in overnight trading before I saw major buying come in. Silver came down with Gold on Tuesday and Wednesday, but sizeable buying in the $38.76 to $39.50 area has given Silver the support needed to get it back above the important psychological  $40 per ounce level. Silver has excellent trading demand today, trading at $40.70 at 11am PDT, up $1.23 per ounce on heavy volume.

Other Important news that affects precious metal prices:

U.S. durable goods orders jumped 4.0% in July, mainly because of higher production and demand for Japanese autos and commercial Boeing aircraft orders, the government reported Wednesday.  The jump was higher than expected.

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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