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08 March 2011

Gold price loses upward momentum on signs of Libyan settling down. Silver keeps on trucking

Silver prices adds 25 cents as gold finishes largely flat on the day.

News reports that Libyan leader Moammar Gadhafi was said to be negotiating a exit from the country with opposition leaders cooled Gold on Tuesday as Golds impressive gains in morning London trade evaporated to leave the yellow metal largely flat on the day. A Stronger US dollar also weighed on precious metals. However the profit taking that could have taken root appeared to be absent from the market.

Exuberance in Silver however was not dampened as much as Gold as Silver managed to add 25 cents on the day.

Activity at BullionSupermarket saw a sharp lurch upwards as traffic, bids and transactions were all sharply up. However, buying activity was still very much slewed towards silver bullion coins and bars

A seemingly further improvement in supply of 1oz Silver Eagle bullion coins continued to depress premiums on smaller auction lots, with a steady stream of completing sales at premiums around 14.9% just prior to completion. This development may indicate some liquidation in the physical markets with silver at 31 year highs combined with such strong premiums.

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