Daily Market Report 3/13/13

GOLD

Gold traded in a very tight price range on Wednesday, holding near a 1 1/2-week high hit in the previous session when Germany’s central bank expressed concerns about the euro zone crisis and the European Central Bank’s moves to stem it. Germany’s Bundesbank said the euro zone crisis, which has eased as a result of the ECB’s funding promises, was not over, and that it had set aside billions more euros against what it deems risky ECB moves. At 11am PDT today Gold is trading at $1,590.40 per ounce, down $3.30 on average trading.

According to a recent report from Knight Frank’s Wealth Report and released on CNBC-TV, rare coins increased in value by 25% in 2012, the best of nine main collectible markets that grew by 175% over the past 10 years. Over the past 10 years rare coins were #2 behind classic cars increasing 248% in value during the past 10 year period. See the complete article at http://www.mintstategold.com/investor-education/what_wealthy_collected/.

SILVER

Silver tested the $29.00 per ounce support level and is rebounding very strongly in the high $28,90’s it would be good to see Silver close the day over $29.00. At 11am PDT today, Silver is down $0.20 per ounce, trading at $28.96 per ounce.