Daily Market Report 03/13/12

GOLD

A war is going on in the World’s commodity pits between the gold bulls and bears.  The $1,700 per ounce is the key number. On a rally is the U.S. Dollar and any strong positive news the bears drive gold under $1,700, and on negative news i.e. The Iranian crisis or commodity inflation the bulls take it above $1,700. The next major news event is the FOMC meeting and the results of the Federal Reserve’s stress test of our nation’s largest 19 banks, which will be released this Thursday. At 11am PDT, Gold is down $6.60, trading at $1,694.90 per ounce in active trading.

SILVER

Silver is treading water awaiting direction from Gold. At 11am PDT, Silver is trading at $33.51, down $0.10 on light volume.

PLATINUM

Platinum is up 20% this year, outperforming both Gold and Silver, due to rising jewelry buying and increasing demand from record Automobile production, plus a major strike at one of the world’s largest Platinum mine in South Africa.

Now, the International Business Times reported on Tuesday March 13^th 2012 that political leaders in South Africa are moving to nationalize the nation’s largest mining sector–platinum. If you don’t already own Platinum as part of your precious metal diversification I strongly suggest your add it soon. The Royal Canadian Mint just announced it will start producing the 1oz .999 Maple Leaf and be making delivery by month end.  We have already secured a quantity for our clients and can offer it at today’s prices.