11 February 2011
Gold leaps and then gives back gains on Egypt Events
Gold dips in the wake of Mubarak's Resignation. Meanwhile improved supply of American Silver Eagles for auction depresses premiums on small lots
Gold bounced around in a broad range, finishing around 0.5% down as a wide range of factors competed with each other to drive the direction of the market on Friday. Most notably the market saw a significant fall from session highs on the resignation of President Mubarak in Egypt, which has been widely seen as a calming influence on tensions in the region. Time will tell if this is actually the case.
Silver suffered slightly worse, down around 1%.
At BullionSupermarket.com improved supply of 1oz Silver Eagle bullion coins appeared to be depressing premiums on small weight auctions with a steady stream of completing sales at premiums around 20% just prior to completion, possibly providing opportunity for buyers to pick off a bargain at good premiums.