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Daily Bullion Market Update 7/11/11

GOLD

Gold continues to rally today based on continued safe haven buying concerns. The debt problems of Greece, Italy, and Portugal are back, while our debt ceiling dilemma in the U.S. is the focus of the news media. At 11am PDT gold is trading at $1,548.10, up $5.80 per ounce in active trading. Gold reached $1,558.20 earlier this morning. If Gold can rally above $1,550 by days end and stay there for a couple days, I believe we will see a breakout above the old all-time high of $1,577 by the end of the month.

If you have wondered why the Chinese are the world’s biggest buyers of Gold and Silver, the answer is in today’s news. The Chinese consumer inflation index for June 2011 was 6.4%, up from 5.5% last month, the highest level in three years. The increase was led by a 14% increase in food costs. China’s trade surplus widened more than forecast to $22.3 billion in June, the highest level in seven months, as imports grew at the slowest pace since 2009. The People’s Bank of China has raised interest rates five times since mid-October, the latest on July 5, and increased banks’ reserve requirements nine times since November to a record level to slow down the inflation rate.

SILVER

Silver is down today, along with Platinum and Palladium, on liquidity and debt concerns.  At 11am PDT, Silver is actively trading at $35.84, down $0.79 with heavy volume. Last night on the CNBC Squawk Box show from London, they had respected money manager Jimmy Rogers as the guest.  Jimmy Roger is only buying two commodities, SILVER and RICE.  He believes the world’s governments will print money as the solution to the debt problems.

This week’s Rare Coin and Precious Metal Report provides information on  the current anomaly in the premiums for U.S. gold and silver rare coins and how you can benefit from it. The report also covers the new legislation on gold and silver trading that starts July 15th.

You can read the entire Weekly Market Report online at www.mintstategold.com/investor-education/cat/markets/. If you prefer to have this report emailed to you each week, just let us know.

CoinWeek
CoinWeek
Coinweek is the top independent online media source for rare coin and currency news, with analysis and information contributed by leading experts across the numismatic spectrum.

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