Daily Market Report 03/14/12

GOLD

Gold continues to react negatively to the rally in the U.S. Dollar, and Tuesday’s Federal Reserve policy statement and moderately positive views of the U.S. economy. The Fed’s statement buried any hopes of more monetary easing (QE) in the short term and took away one of the main pillars of support for gold and silver. Remember, this decline in the Gold and Silver price is just temporary, as the fundamentals reasons for owning precious metals are still in place.  Gold is looking for support and I expect to see sizeable buying come into the market. At 11am PDT, Gold is trading at $1,642.20, down $52.70 per ounce on heavy trading.

SILVER

Silver is reacting with Gold, with a larger percentage decline.  The selloff is a result of a rally value of the U.S. Dollar and in light of the Federal Reserve’s statement.  At 11am PDT, Silver is trading $31.80, down $1.71 per ounce in very heavy trading.

RARE COIN

With the rally in the stock market and improving economic news we are seeing an increase in bidding for investment quality gold and silver certified coins on the dealer exchanges.  MS65 and above graded $20 Gold and U.S. Morgan and Peace Silver Dollars are difficult to find ask quotes with bidding demand raising daily.