Daily Market Report 10/30/12

GOLD

Gold has been trading sideways for the past four days in the $1,700 to $1,716 per ounce price range. We need to break above the $1,722 per ounce level to regain the short term bullish trend. At 11am PDT today, Gold is trading at $1,711.50, up $2.20 per ounce on very light electronic and secondary market activity with all the major US financial markets closed. 

Perth Mint Gold and Silver Bullion Sales Surge in September

The Perth Mint of Australia has announced that Gold and Silver coins sold during September 2012 surged to the highest levels since the start of monthly reporting. Sales of Silver coins rose to 1,251,580.06 troy ounces, up 269%, and Gold coin sales rose to 81,095.13 troy ounces, representing an increase of 118% from the prior month. 

SILVER

Silver has shown major support at $31.52 per ounce and recent resistance at $32 per ounce. The Gold-Silver ratio is continues to be around 53 to 1, which favors Silver. At 11am PDT Today, Silver is down $0.04, trading at $31.80 per ounce in very light electronic and secondary market activity.