Daily Market Report 7/25/12

GOLD

Gold is rallying today and other than continued safe haven buying there was also a very bullish article in the Wall Street Journal. This article by Jon Hilsenrath reports that Fed officials are moving closer to taking new monetary stimulus actions if the labor market and economic growth don’t pick up soon.

In Gold-specific news, physical buying has picked up over the past week, with the usual support coming from the Far East, although Indian buying has also begun to show signs of improving, Standard Bank said in a note. Seasonally, Indian demand for physical Gold usually picks up in August ahead of the wedding season.

At 11am PDT, Gold is up $21.00 per ounce, trading at $1,609 per ounce on excellent volume. To remain short term bullish Gold needs to remain above the important $1,600 resistance level, and to be long term bullish Gold needs to cross over $1,624 per ounce for a minimum of two days. 

SILVER

Silver has followed Gold up today, trading at $27.51 per ounce at 11am PDT, up $0.49 per ounce on good volume. 

PLATINUM & PALLADIUM

Both Platinum and Palladium are higher today, but still at a sizeable discount to Gold. For more information about Platinum please read the following article: http://www.mintstategold.com/investor-education/platinum_deep_discount_to_gold/