Daily Market Report 1/14/13

GOLD

Gold moved higher on Monday after a stronger euro and physical buying from China, while expectations of aggressive monetary easing in Japan also lent support. Gold’s recent trading range has been between $1,650 and $1,680 per ounce. Today, as of 11am PDT, Gold is trading up $1.668 per ounce, up $8 per ounce on excellent volume.

China National Gold Group Corp, the country’s largest Gold producer, said Monday that its sales reached 100.6 billion yuan (US$16 billion) in 2012, up 27.1 percent from 2011. By the end of 2012, China’s National Gold Group’s Gold reserves reached 1,758 tons, up 374 tons from the previous year.

SILVER

Silver showed excellent support above the $30 per ounce price level last week, and now it’s attempting to break through the $31 per ounce resistance level. At 11am PDT today, Silver is trading at $31.05 per ounce, up $0.65 per ounce on excellent volume. 

U.S. Silver Eagle Sales

In the first ten days of 2013, the U.S. Mint sold 4,782,000 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 ten days sales I am looking for a new record of over 7,000,000 ounces of .999 fine U.S. Silver Eagles. Physical demand for Silver is BACK & GROWING!

PLATINUM 

Platinum has been the most bullish precious metal since the beginning of the year, up $120 per ounce. Today, Platinum is trading at $1,658 per ounce, almost at parity to the price of Gold.