Daily Bullion Market Update 6/24/11

By Barry Stuppler – MintStateGold.com

Very active trading in the Gold pits yesterday and today. A spark rally in the U.S. dollar (versus the Euro) and a sizeable correction in the world’s crude oil price have put precious metals on the defensive. This morning, gold tested long term support, breaking the $1,500 mark then rallying back immediately.  At 11am PDT Gold was trading at $1,503.90, down $19.90 per ounce from yesterday. Another factor for the selloff in gold was a pledge by European Union leaders to stabilize the region’s economy, which would cut demand for the precious metal as a haven. EU leaders vowed to stave off a Greek default as long as Prime Minister George Papandreou pushes through a package of budget cuts next week.

Yesterday, Congressman Ron Paul held a hearing of the House Committee on Domestic Monetary Policy in regard to the United States gold reserve. The hearing lasted about an hour and had very interesting results.

If you wish to see/hear the committee hearing and the testimony of Eric Thorson, Inspector General of the Department of the Treasury and Gary Engel, Director of the Government Accountability office the webcast is available at, http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=247243

Or, read the following article on our website. http://www.mintstategold.com/investor-education/us_gold_reserves_debate/

Lead by the same factors that caused the gold decline, Silver’s sell off was more volatile, dropping $1.31 yesterday and $0.69 today, trading at $34.85 an ounce at 11am PDT. The lowest price Silver hit within the past 24 hours was $34.32, when we saw substantial buying come into the market.

In next Monday’s Weekly Market Report, you’ll receive Part 3 of the “THE BEST GOLD AND SILVER INVESTMENTS”. While Part I & 2 covered mining stocks, funds, and EFT’s, part 3 covers the best physical gold/silver coins for investment and IRA pension plans.  If you are not receiving these weekly direct emails, please contact our office to make sure you receive these important market reports each week.

Today’s Other Important News:

The U.S. Commerce Department said today: Stronger orders for airplanes translated into a better-than-expected 1.9% increase in durable-goods orders in May. And U.S. real gross domestic product for the first quarter was revised to an increase of 1.9% annualized from the earlier estimate of a 1.8% rise and down from 2.7% in April.

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