Gold Rises to Record in 8th Day of Gains, Silver Hits 9-Week High

by CoinNews.net on July 14, 2011 · 0 comments

Fine Gold BarsU.S. gold rose modestly Thursday, marking a third straight day of records and notching eight consecutive session increases.

"Gold is going higher on a witch’s brew of debt crisis, further stimulus, a weaker dollar and a loss of confidence in paper currencies and government," Matthew Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview that was cited on Bloomberg.

August gold prices edged up $3.80, or 0.2 percent, to $1,589.30 an ounce on the Comex in New York. Gold traded from a low of $1,579.40 to a high of $1,594.90.

"This is more about fear, about the dollar, the debt troubles in Europe, as well as the possible downgrade of the U.S. credit rating by Moody’s," Commerzbank analyst Eugen Weinberg was quoted on Reuters. "For gold, this is (one of) the best times."

Silver prices for September delivery advanced 54.3 cents, or 1.4 percent, to close at $38.694 an ounce. Silver moved between $38.010 and $39.395 — its best level since May 11.

Jim Wyckoff of Kitco Metals Inc. wrote the following Thursday in the daily Kitco Metals Roundup.

"December silver futures prices closed near mid-range Thursday and hit a fresh nine-week high. The silver bulls have the solid overall technical advantage and gained more power Thursday.

The next downside price breakout objective for the bears is closing prices below solid technical support at $36.00. Bulls’ next upside price objective is producing a close above major psychological resistance at $40.00 an ounce.

First resistance is seen at $39.00 and then at Thursday’s high of $39.40. Next support is seen at $38.50 and then at Thursday’s low of $38.04. Wyckoff’s Market Rating: 7.5."

Platinum prices for October delivery rose $7.30, or 0.4 percent, to $1,774.30 an ounce. Prices ranged between $1,757.80 and $1,784.90.

Palladium prices for September delivery settled down to $783.35 an ounce, falling 65.0 cents, or 0.1 percent. Palladium traded from a low of $775.25 to a high of $791.00.

London precious metals enjoyed healthier gains. When comparing the London Fix prices on Thursday (PM) from those on Wednesday (PM), gold rose $11.50 to $1,590.50 an ounce, silver advanced $2.65 at $39.40 an ounce, platinum climbed $27.00 to $1,777.00 an ounce, and palladium rose $10.00 at $788.00 an ounce.

United States Mint bullion coin sales figures were unchanged as of 3:40 p.m. ET. The latest available totals follows:

US Mint 2011 Bullion Coin Sales
Daily
Gains
July
2011
YTD
2011
Gold Eagle Coin (1 oz.) 0 16,500 524,000
Gold Eagle Coin (1/2 oz.) 0 1,000 56,000
Gold Eagle Coin (1/4 oz.) 0 0 64,000
Gold Eagle Coin (1/10 oz.) 0 5,000 255,000
Gold Buffalo Coin (1 oz.) 0 2,500 82,000
Silver Eagle (1 oz.) 0 1.320M 23.6235M
ATB Silver Bullion (5 oz.)* 0 2,800 348,800

*America the Beautiful (ATB) Silver bullion coin sales figures are not published by the United States Mint daily. The current year-to-date figure has an "as of date" of July 11.

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