Gold Pushes Up Past Its Critical 200-Day Moving Average

Category: Gold / Jan 11, 2012 4:11PM EDT

Another thing that could indicate gold is on a serious run is that it managed to post today's gains DESPITE a stronger dollar. Usually ... when the dollar rises ... the price of gold goes down.

Support for gold prices today came from strong buying in India and China. The Indians are buying in preparation for their wedding season ... and the Chinese are buying ahead of the Jan. 23 start of the Lunar New Year. There was also heightened interest in gold as a safe haven.

Platinum closed higher today and also seems to be on a run. In fact ... yesterday it had its strongest closing in a month. Since Dec. 29 it's up nearly 10 percent.  One of the things lifting the price of platinum is a shortage of supply. South Africa ... which is a major platinum producer ... is having trouble getting enough electricity to the nation's platinum mines. The main utility in South Africa is even warning that electricity supply could be tight for several more years. That's expected to keep platinum production limited and ... therefore ... the price strong. 

Silver also closed higher ... for the third day in a row. Since the end of December the price of silver has climbed more than 10 percent. But the metal is still well below its 200-day moving average of $36.14.

Palladium ... meanwhile ... rose for the third day in a row