Daily Market Report 1/12/16

GOLD

The Equity markets and the U.S. Dollar rebounded this morning and caused the Gold price to sell-off. On the opening, Gold sold off about $13 per ounce and found strong demand. At 11am PDT today, Gold is trading at $1,086, down $11 per ounce on excellent volume.

The U.S. Mint reported selling 60,000 ounces of 2016 Gold eagles on the first day of 2016 sales, compared to 81,000 ounces in January of 2015. This demand is extraordinary, and a sign of the coming year being another record year of physical Gold sales.

SILVER

Silver sold off with Gold this morning, reaching a low of $13.73 per ounce before bargain buyers and short covering appeared. The U.S. Mint sold an astounding 2,756,500 one ounce Silver Eagles on the first day of 2016 sales. This is an all-time record high and demand continues to grow. At 11am PDT today, Silver is down $0.06, trading at $13.80 per ounce on heavy volume.