Bullion dealer Mike Fuljenz examines the market fundamentals that he says indicate gold should recover from its latest market lows.

In his latest Metals Market Report released Nov. 10, Fuljenz analyzes seasonal trends, rising physical demand, China's recovery and metal supplies.

"When gold prices are low, coin buyers return to the bullion coin market," according to Fuljenz. "When gold rose in October, U.S. Mint sales were down from their summer highs. But when gold prices fell last week, the physical buyers returned. The U.S. Mint sold 36,500 Troy ounces of Gold American Eagles last week (the first week November), and 1,079,500 troy ounces of the silver American Eagle."

Fuljenz also believes newly mined gold supplies are near their peak.

"Exploration for new gold peaked 20 years ago in 1995, and it takes an average 20 years to bring a new discovery to peak production," Fuljenz says. "Despite the rising price of gold from 2001 to 2011, very few profitable and economic discoveries have been made in the last 15 years. In most new mines, there is only one part gold per million parts of dirt, rock and other worthless ore being mined deep below ground in remote locations."

Fuljenz's full report can be found here.