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03 February 2011

Gold Price Rises Above $1350 on Bernake Comments, Silver Above $28.75 per Troy Ounce

Gold Reaches 2 week high on indications of continued Federal Reserve easing.

Comex gold jumped to a two-week high late Thursday on comments by Federal Reserve Chairman Ben Bernanke appearing to confirm continuation of aggressive monetary easing policies in the face of improving economic data out of the US

Signs of robust physical buying in the market appeared to be confirmed by record monthly sales of American Silver Eagle coins by the United States mint. For the week ending February 2, 2011, 1,748,000 troy ounces of Silver Eagles and 56,500 ounces of Gold Eagles. registered a slight easing in premiums on fixed price 1 ounce Gold bars at 17.8% as previously tight supply showed signs of easing slightly.

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