Daily Market Update 2/23/11

GOLD
Gold climbed for the seventh straight session closing at $1,410, up another $9, as it continues to be boosted by geopolitical factors, inflationary numbers, and the return of Gold to the safe haven status. This continued rally in Gold, fueled by news from Libya and higher Oil prices, is in the face of a major rally in the U.S. Dollar.

SILVER
Another good day for Silver, up 44 cents, closing at $33.30, at a new 31 year high.  Silver is showing excellent strength on active trading with extraordinary domestic demand.  My website, www.Stuppler.com has sold more physical silver in the first two months of 2011 then our company sold in 2010 (a record year).

PALLADIUM
Demand, primarily from a dramatic increase in worldwide auto production, is driving Palladium prices higher. Remember, Palladium is heavily used to manufacture catalytic converters for automobiles. In fact, last year China experienced a year-on-year 93.3 percent increase in foreign car imports. The National Statistics Institute reported a 24 percent increase in the automobile industry orders in the last quarter of 2010 as compared to 2009. With very little above ground supplies of Palladium the market value looks to continue higher.

Today’s Important News
Existing home sales up 2.7% in January.  A sign that demand for homes is increasing as prices continue to fall.