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A-Mark Bullion Update

Blog Oct 1, 2015

A-Mark-Precious-Metals-IncAfter failing at its 100 day moving average yet again last week, gold has now traded lower for five consecutive sessions.  Dating back to June of this year, the 100 day moving average has forcefully rejected gold on three separate moves up.  It certainly looks like someone is trying to protect this level.  US Mint data showed that gold coin sales totaled 147,500 oz during the month of September, this is up more than 100% from the same time period last year.  While demand for gold is certainly up, this huge increase is probably more a function of the lack of fabricated silver in the market.  Most silver is either delayed multiple months or completely sold out so physical investors are forced to switch funds that would be going to silver into gold instead.  Gold remains stuck in a range with $1,146.50 (100 DMA) as the ceiling and psychological support of $1,100 as the floor.

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