February 23, 2009

Gold Rally Paused, US Mint Sales Up

bullion sales
When it seems that Gold is on the track for a bullish run, the move has become apparently stagnant as terrible financial news cloud the market. Rumors about bank nationalization has been circulating in Wall Street amid the decline of stocks of financial giants Citigroup & Bank of America.

Newly elected president Obama admitted on his speech that the previous government of president Bush left the current administration with $1.3 Trillion dollar deficit. The news immediately struck the charts of Wall Street which send the Dow Jones plunging more than 250 points.

Silver has the modest gain among the precious metals registering 44 cents increase in a single day trading and almost touching the $15 mark. While trading in the precious metal sector seem showing the sign of volatility, experts believe that it is because of the intervention by bankers which caused the temporary pause of gold. However, most of them agree that gold has finally lose grip from the financial and is now moving independently.

Meanwhile, U.S mint reported sales on bullion coins skyrocketed to 92,000 ounces four times more than the sale from the previous year.

Investors are purchasing record amounts of gold bars and coins, shunning risky assets for the relative safety of bullion amid renewed fears about the health of the global financial system.

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