Daily Bullion Market Update 8/29/11
By Barry Stuppler – MintStateGold.com
This morning Gold saw some profit taking in Asia and Europe from Friday’s run up. The Gold market dropped down to $1,778 before significant buying appeared. It looks like gold is trying to establish a $1,750 to $1,850 trading range, which would be very healthy as we approach a very bullish time of the year. Because we have just entered Phase II of the precious metal rally, the trading range and daily volatility will be wider. Right now, at 11am PDT gold is trading at $1,791.80, actually up $0.40 per ounce from Friday at the same time, on average volume.
Silver is building a firm base above $40 per ounce. Although we have had a $1.50 range in the past 24 hours, Silver consistently is showing excellent demand above $40 per ounce. At 11am PDT Silver is trading at $40.68, down $0.20 from Friday at the same time on light volume.
The United States Mint has announced that the price of 2011 Proof American Silver Eagles will increase $8.50, to $68.45. They are scheduled for release on September 29, 2011.
Other Important news that affects precious metal prices:
The National Association of Realtors reported today that the index of pending home sales fell 1.3% in July.
This week’s “Weekly Market Report” discusses the different psychologies of gold and silver investor strategies. I also provided statistical proof showing why I believe September 1st to December 31st is a very bullish time for precious metals. This week’s report will be available this afternoon at www.mintstategold.com/investor-education/cat/markets/