Daily Market Report 03/16/12

Gold

After an active week of trading, the gold market is stabilizing today, trading in the $1,650 to $1,660 oz.  If gold can stay above the $1,630 support line on Monday, I would be recommending adding to your holdings.  Right now, at 11am PDT, gold is down $3.80, trading at $1,657.50 per ounce in light volume.

The International Monetary Fund on Thursday approved a 28 billion euro ($36.7 billion) bailout for Greece, part of a broader international rescue package for the debt-strapped euro zone member. Now, Spain and Portugal are waiting in line for an ECB and IMF handout. In other words, more paper money is coming as the printing presses go into overtime.

Silver

Silver is showing excellent support at the $32.00 per ounce level. It would be very bullish for silver’s long term move to make $32 a long term support line. At 11am PDT, Silver is trading at $32.64 per ounce, down $0.16 on light weekend type volume

Rare Coins  

There is a dealer’s rare coin trading exchange called CCE (Certified Coin Exchange) and I have noticed a sizeable increase in bidding for gold and silver investment quality coins in the past two weeks.  With healthy domestic economic news and a strong equities market, I believe the rare coin collectors and investors are coming back.