Daily Market Report 9/13/12

GOLD

The Gold market surged higher in the immediate aftermath of the FOMC announcement that the Federal Reserve has embarked upon more quantitative easing of U.S. monetary policy--nicknamed QE3. It looks that we have now passed the $1,760 price barrier on strong trading. Next stop $1,800!

The price of bullion has risen more than 4 percent so far this month, following a nearly 5-percent gain in August during which central banks around the world appeared more willing to take up further stimulus measures to aid a frail global economy. Most recently, a German court ruling favoring the Eurozone rescue plan is supporting Gold and Silver at current levels. 
At 11am PST Gold is trading at $1,771.70 per ounce, up $39.30 on very high volume.  

SILVER

Silver has taken its lead from Gold today and is off and running again. It has blown through the $34 mark and its now about ready to start testing the all-important $35 price level. At 11am PST Silver is trading at $34.81 per ounce, up $1.40 on excellent volume.

PLATINUM AND PALLADIUM

Platinum and Palladium are trading at near five-month highs as the Gold market surges. However, labor strikes continue at some of the largest producing mines in South Africa continuing to create more supply issues. At 11am PST, Platinum is trading at $1,687 up $35 and Palladium is trading at $693 up $13.