Daily Market Report 03/27/12

GOLD
Fed Chairman Bernanke’s statement yesterday of the Federal Reserve “accommodative policy” brings up the issue again to QE or not to QE (Quantitative Easing). The Fed is concerned about how the recession in Europe and the high gasoline prices will affect the U.S. economy. Well, the Federal Reserve just talking about additional economic stimulus drove up all precious metals and commodities yesterday. India’s new gold import tax, a doubling of its previous rate, and resulting strike by retailers has negatively affected Indian demand.  For the month of March this year, India imported 25 – 30 tons of gold versus 75 – 80 tons in March of last year

At 11am PDT, Gold is trading at $1,686.70, up $1.40 an ounce on respectable volume. Earlier this morning gold attempted a run at $1,700 per ounce barrier and reached $1,698.50 before we saw traders taking short term profits.  Barring any extraordinary news, I believe gold will make another attempt to breakout above $1,700 later this week.

SILVER
This morning silver rallied up to $33.23 per ounce on excellent volume before profit taking hit the market.  Today silver is trading in a 70 cent range and continues to build the base. At 11am PDT, Silver is down $0.15, at $32.70 per ounce on average volume of trades.

PLATINUM
Today’s only big winner is Platinum up another $8 per ounce on top of yesterday’s $19 increase. At 11am PDT Platinum is trading at $1,651 per ounce, $36 less the spot price of Gold, and still an outstanding precious metal investment.  We have just received the new 2012 Canadian 1oz Platinum Maple Leafs, the best choice for investing in platinum.