Daily Market Report 07/02/12

GOLD
With a $48.30 per ounce increase in the Gold price last Friday, I would have expected to see some consolidation today, and hopefully stay above the key $1,600 support level. However, today’s report of weakening Chinese economic data has caused some profit taking in the Gold markets, which in turn was seeing a lot of overbought technical dialogue in the press and on the media. At 11am PDT, Gold is trading at $1,601 per ounce, which surprisingly is virtually unchanged from Friday’s close.

SILVER
Silver is trading with low volumes in a narrow $0.49 price range today from $27.25 to $27.74 per ounce. This is going to be a weird trading week because the Fourth of July holiday falls on a Wednesday. That means that a lot of precious metal traders will be taking vacation for all or part of the week so volumes will likely be thin. Sometimes that leads to unexplainable bouts of volatility. At 11am PDT, Silver is up $0.06 per ounce, trading at $27.69 per ounce.

Support HR5977 (Rare Coin Anti-Counterfeit Legislation)
As the Chairman of the Gold & Silver Industry’s Political Action Committee (G&S PAC), I have been privileged to help our numismatic and bullion industry build relationships with many key federal legislators. On June 20, 2012 our community, with the help of Congressman Lamar Smith and Fred Upton (co-authors) of HR5977 (Collectible Coin Protection Act of 2012) introduced our anti-counterfeit legislation. This legislation provides enforcement teeth to the Hobby Protection Act of 1978.

On June 27, 2012 during a visit to the House of Representatives in Washington DC, I and a few fellow numismatists were able to speak with a number of Congressmen about supporting HR5977, which increases enforcement of counterfeit coins.

My visit to Congress was followed up with my first G&S PAC Rare Coin and Bullion Industry Congressional Awareness Event held at a restaurant across the street from the House of Representatives. At the event we had the opportunity to show Congressmen and their staff Chinese counterfeit coins, both uncertified and in counterfeit certified holders, in an effort to convince them to co-sponsor this important legislation.

I am requesting that my clients and friends email or call your Congressman and request that they co-sponsor HR5977. To find the name and contact information for your local member of the United States Congress visit http://www.house.gov and click on “Representatives”.

For more information on HR5977, and the Gold & Silver Political Action Committee and the June 27th Congressional Awareness Event in Washington DC, see http://www.mintstategold.com/investor-education/cat/news/post/collectible_coin_protection_act/