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Daily Bullion Market Report 01/23/12

By Barry Stuppler – MintStateGold.com

GOLD

The gold rally continues on the outlook for a Greek debt settlement that will allow the EU and IMP to provide an additional 130 Billion Euro (US$168 Billion) in loans. Current Greek bondholders will be taking a 60% plus discount and receive new Greek securities. Demand continues to be strong globally and we are now up over $100 per ounce since January 1st.  At 11am PST, spot Gold is at $1,677.50, up $13.50 per ounce with active trading and excellent volume.

SILVER

WOW! During the last two trading days silver is up $2.00 per ounce. Getting above the $30 resistance level has been very bullish for the price.  At 11am PST, spot silver is up $0.85, trading at $32.48 per ounce on heavy volume.  Why has silver rallied so sharply in the last couple days? I believe it is a combination of breaking the 50-day moving average trend line of $30.88 (causing heavy short covering), and a clear acceptance of more monetary stimulus on the way from Europe, Asia and United State Central banks.

Barry Stuppler
Barry Stuppler
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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