Daily Bullion Market Update 9/28/11
By Barry Stuppler – MintStateGold.com
As the 17 Eurozone countries continue to vote on the debt bailout program, the gold market appears to have stabilized in a $1,600 to $1,675 trading range. Gold will benefit from increased investment demand if there is a split between 17 Eurozone member countries over a proposed $149 billion bailout package for Greece. At 11 am PDT, gold is trading near the lows of the day at $1,606.40, down $44.80 per ounce in active trading.
Silver is down $1.60, trading at $30.12 per ounce at 11am PDT. It’s important that silver stays above $30 per ounce to build support. The volume of trading in Asian, European, and domestic markets has been extraordinarily high.