Daily Market Report 9/20/12

GOLD

Today, Japan became the fifth country and/or central bank to announce a fresh round of monetary stimulus (QE). I expect more countries to join the bandwagon along with England, Europe, China and the United States. Currency debasement is contiguous and will continue to spread as the price of Gold/Silver valued in these currencies will set new all-time highs again and again. Gold is in a consolidation phase in the $1,750 to $1780 area, trading in a narrow $16 high/low price range.  At 11am PDT today, the Gold price is virtually unchanged today trading at $1,770.20, down $1.20 per ounce on normal trading volume.

SILVER

Silver showed excellent support this morning refusing to breakdown below $34 per ounce. We continue to see resistance at $35 per ounce. Silver is looking excellent and will follow Gold when it breaks above the $1,800 per ounce level. At 11am PDT today, Silver is up $0.03, trading at $34.75 per ounce on normal trading volume.  

PLATINUM & PALLADIUM

Platinum and Palladium prices are down today, but that may offer an opportunity as the mining problems haven’t be settled. Platinum is down $75 and Palladium $34 since last Friday’s close. Today, Platinum is trading at $1,628 per ounce & Palladium at $663 per ounce. Workers at Lonmin’ s Marikana mine complex in South Africa ended their strike Wednesday after agreeing to a 22-percent raise plus a one-time payment. Elsewhere, employees at Anglo American Platinum (Amplats) and Rustenburg in South Africa did not return to work on Thursday. Amplats has a production target of 2.4-2.5 million ounces of Platinum this year, while Rustenburg’s operations accounts for about a third of its annual Platinum output.