Daily Market Report 03/19/12

GOLD

Gold is back on track. Over the past year the gold price has been very volatile,  trading from a low of $1,524 per ounce to a high of $1,924, building an extraordinary base for its move over $2,000 later this year.  Now, it just needs the event or announcement that will provide that stimulus to start the rally. At 11am PDT, Gold is up $10.60, trading at $1,668.10 per ounce on excellent volume.

NEW DELHI (March 19, 2012): Jewelry sector strike in India, world’s largest gold market, entered the third day as shops across the nation remained closed on Monday. All India Gems and Jewelry Trade Federation (AIGFTF) led the protests over the weekend to complain the 2 per cent increase on basic customs duty on standard gold bars, gold coins and platinum that is proposed by the Indian government.

SILVER

Demand for physical silver is still strong, as the March 2012 U.S. Mint sales of one-ounce silver bullion coins as of March 18 were 1,647,000 ounces, a substantial increase over the 1,490,000 ounces reported for the entire month of February.  At 11am PDT, Silver is trading at $32.94, up $0.30 per ounce. 

Rare Coin Update

I just posted in the Weekly Market Report an article about the status of the rare coin market, the following is a link to that article http://www.mintstategold.com/investor-education/cat/markets/