Daily Market Report 1/8/13

GOLD

In overnight Asian commodity markets, Gold stayed within a narrow price range, trading between $1,646 and $1,653 per ounce. I am seeing increased demand for physical Gold bullion products. I am on my way to Orlando for the a major rare coin and precious metal convention, and I will have an opportunity to speak with many of my friends to see if they are seeing an increase in demand for Gold bullion products. At 11am PDT Today Gold is trading at $1,663.10 per ounce, up $15.20 per ounce on normal amount of trading volume.  

SILVER

In Asian trading, physical demand for Silver is strong, with the market staying above the important $30 per ounce support level. At 11am PDT today, Silver is up $0.32 per ounce, trading at $30.58 per ounce on higher than normal volume.

U.S. Silver Eagle Sales

In the first six days of 2013, the U.S. Mint has sold 3,937,000 1oz Silver Eagles. Compare that to the entire month of January 2012 when the Mint sold a record 6,107,000 oz of Silver Eagles. Based on 2013’s first six days sales I am looking for over 7,000,000 oz of Silver Eagles. Physical demand for Silver is BACK!