24 January 2011

Gold kicks it's heels in Monday London Trade

Gold trades largely flat, as it awaits direction. Weekend bargain hunters in force over the weekend at BullionSupermarket.com

Gold started well in London trade on Monday, but failed to translate into significant momentum in either direction. With no impetus from any economic data or currency market movements, the current support holds strong just beneath $1350 per troy ounce.

The weekend saw stronger than usual interest at bullionsupermarket with active clickthroughs running at double the average rate for Sunday also on higher traffic.

Significant coverage of silver shortages in the financial press and the Blogosphere over the past week has seen interest swing more towards Silver recently at BullionSupermarket. Perhaps as a result, 100 ounce silver bars are currently asking some 24% premium over the silver price in the US making some equivalent weights of Silver Bullion coin unusually better value. This is in stark contrast to March 2010 when we reported 100 ounce silver bars were available at just 1.51% premium. It is possible that the increased perception of shortages over the last week has driven premiums higher.

Gold premiums also remained strong, with the asking premium on fixed price 1 ounce gold bars asking an average of 19.25% at time of writing.


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