Daily Market Report 10/22/12

GOLD

Early this morning I saw Gold trade down to a low of $1,713 per ounce after news that Japan’s exports tumbled 10% last quarter and Japan’s Foreign Minister Maehara is demanding the Bank of Japan provide more stimulus. At that point, Gold demand and volume increased and the Gold market moved higher, reaching $1,729 per ounce. At 11am PDT Today, Gold is trading at $1,726.20 per ounce, up $3.70 per ounce on excellent volume.

I just returned from the American Numismatic Association convention in Dallas, TX.  For a rare coin market update, please view the Weekly Market Report here: http://www.mintstategold.com/investor-education/weekly_market_report_102212/

The euro crept up on Monday after Spain’s prime minister won a boost for his austerity drive with an election victory while the Canadian dollar was the big loser in Asia trade on expectations that the central bank may drop its hawkish tone following the Brussels Summit.

SILVER

Silver has tested the $32 per ounce support level a few times this morning and held. The price range today has been between $32 and $32.50 per ounce on good volume. At 11am PDT Today, Silver is up $0.10 per ounce, trading at $32.30 per ounce on above average volume.