Daily Bullion Market Update 9/26/11
By Barry Stuppler – MintStateGold.com
At 11am PDT, Gold is trading at $1,601.17, down $57.03 per ounce on strong trading.
Today as we saw Europe open, Gold started to show support around the $1600 level on news of the European Union instituting their version of “Operation Twist”. With margin call limits also raised, seeing this correction in Gold wasn’t too much of a surprise.
I like how Gold is behaving right now, but in the near future we will see some historic events transpire. However, in the long run “Safe Havens” like gold have proven time and time again to come out on top; especially over currencies such as the dollar and the euro, which have continued to deteriorate.
Silver is down $0.79 per ounce today, at 11am PDT, trading at $30.24 per ounce with high trading volume. Silver is down only 2.55%, with a good uptrend right now. Silver traded at a low of $26.14 after the Asian markets opened, then immediate buying took over when the European markets opened. Depending on the upcoming news from Bernanke at the end of the month, and news from Europe, Silver may find its support level around $30 an ounce. However, we still need to give it some time to know if this is the case.