Daily Market Report 10/10/12

GOLD

Gold is trading at the bottom end of recent trading at the $1,760 to $1,795 per ounce range today. I believe this is an excellent price for adding Gold to your investment holdings. Not a lot of precious metal news to report today, while the Gold price trades in a very narrow range. At 11am PDT today, Gold is trading virtually unchanged at $1,765 per ounce on average volume.   

SILVER

Silver is the only precious metal that is higher today. After trading as low as $33.63 this morning, Silver rallied on excellent demand in Asia and New York. At 11am PDT today, Silver is up $.07 per ounce, trading at $34.10 per ounce on light volume.

Silver Confiscation in 1934

Some Gold investors are aware that in 1933 President Roosevelt signed Executive order 6102, which resulted in US Gold confiscation. However they are unaware of Executive order 6814. In 1934, President Roosevelt signed Executive order 6814, the Silver Purchase Act of 1934, which caused American citizens to turn in Silver or have it confiscated by the government. The following is a link to an article that provides more information about 6814: http://www.mintstategold.com/investor-education/silver_confiscated_by_roosevelt/

Gold & Platinum Mine Problems Continue in South Africa

Close to 3,600 strikers were sacked at South African mines on Tuesday in the latest wave of mass lay-offs to rock South Africa’s Gold and Platinum mining industry. Two mining firms said they had fired the workers for taking part in illegal work stoppages. Platinum miner Atlatsa said 2,161 miners had been given until the end of business on Wednesday to appeal their dismissal. Meanwhile Gold One sacked 1,435 people - more than 75 percent of its workforce - at a Gold and uranium mine near Johannesburg. Both wildcat strikes have run since October 1.