Daily Market Report 1/9/13

GOLD

Yesterday in late trading, Gold broke out above the $1,655 per ounce level. In early Asian trading Gold is showing excellent demand while holding above the key $1,650 per ounce level on active trading. According to the Hong Kong government, China imported 90.764 tonnes of Gold in November, almost doubled from the 47.478 tonnes in October. During the first 11 months in 2012, Chinese Gold shipments almost doubled from 392 tonnes a year ago to 720 tonnes. This trend is continuing as lower Gold prices have increased demand in Asia’s physical bullion market as buyers prepare for the Lunar New Year, which will begin on February 9th. 

At 11am PDT today, Gold is trading at $1,657.50 per ounce, down $4.30 per ounce on normal volume.

SILVER

It’s very bullish that Silver has been supported by the $30 per ounce price level. A little time to consolidate in the $30.20 to $30.60 price area would be healthy for the long term bull move higher. As of the 8th of January, the U.S. Mint has sold 4,287,000 1oz Silver Eagles, on a pace for a record. At 11am PDT today, Silver is down $0.06 at $30.45 per ounce.