Overnight data from China inflation at 2.7% vs the predicted 2.1% ( OOOPS! some of those Trillion dollars are starting to get around the world faster ) together with Egypt unrest and oil at 103$+ per barrel were just enough to push gold and silver a little higher and give us a follow up close in green for the day, after a positive Monday opening yesterday. Sure, is not going to be as easy tomorrow and make this a number 3 in a row, but a close above 1200$ and 18.70 or 19$ silver, this is very is possible and if we finish above these levels is not that bad. FOMC minutes after 2 pm will tell, watch for a word for a time frame commitment for tapering stimulus and the market will react, most likely over-react.
And don’t forget, after the market close, tomorrow P.M, Ben is going to celebrate also 100 yrs of misfortune FED mandate… Is 1913-2013: they just love the number 13…
Premiums stable for gold and silver. Morgans dollar and Peace dollar still going down in price a dollar or so. We ordered 10,000 oz in 100 oz bars from a major producer and we were told 1 to 2 weeks delivery. I’ll keep you posted since this name is kind of the pulse of the market and deal directly with Comex, I guess is a good sample. We deal with virtually all the big names out there that you know, from A to Z. Moderate volume still in both metals, nothing too crazy. I must say that the IRA accounts are very active: we are receiving many new business every week, these are new accounts (the first 4 digit of IRA’s start with the date, in this case most of them are 2013…) and are focused on silver, I would say 70% of the amount, 20% gold and 10% to share between PL & PD. Lower premium .999 bars and rounds and ASE are the top sellers.
Numismatic up 15 to 25$, meaning $5 , 10 and 20 pre-1933 gold in the more popular grades MS63/64/65.
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