Daily Market Report 02/28/12

GOLD

Yesterday I cleaned my crystal ball and sent out my time to go All-In on your gold and silver investment notice in the Weekly Market Report email.  As many of our clients know, timing is the most important factor in making investments decisions and if you responded to my call to action yesterday, congratulations.  But, it’s still not too late, because gold is trading at $1,782.60 per ounce at 11am PST, up only $9.00, it’s still an excellent value.

Greece became the first euro-zone member officially to be rated in default, 13 years after the single European currency was adopted to strengthen the European Union. Standard & Poor’s cut Greece’s long-term credit rating to selective default from double-C. The move was expected, as S&P said this month that it would consider Greece in default if it added "collective-action" clauses to its sovereign debt, effectively forcing all bondholders to lose 73% of the value of current Greek debt and accept a bond-swap offering.

SILVER

Wow, at 11am PST, Silver is up $1.36, trading at $36.87 per ounce on sizeable volume. Silver hit $37.34 per ounce before we saw any serious selling. Global demand for physical silver investment product continues to grow and I give it a 75% chance of silver hitting $40 per ounce by next month. 

Other Important news that affects precious metal prices:

The Conference Board said its index of consumer attitudes increased to 70.8 this month - the highest reading since February last year - from an upwardly revised 61.5 in January U.S. consumer confidence scaled a one-year high in February as optimism about the labor market offset concerns over rising gasoline prices, an independent survey showed on Tuesday.