Daily Market Report 1/15/14

GOLD

Gold traded in a narrow $10 high/low price range for most of the trading session. There is excellent support around the $1,240 level with some bargain buying when it hit today’s low of $1,234 per ounce. At 11am PDT today Gold is trading at $1,240 per ounce, down $5 on average trading volume.

Bloomberg Reports on Chinese Gold Holdings

A deeper look into China’s gold holdings shows its reserves may be more than 2 1/2 times higher than thought. Its last reported holdings in April 2009 were 1,054 metric tons. After adjusting for net imports from Hong Kong and domestic output, the figure is closer to 5,086 metric tons. When taking away gold uses for jewelry, industrial and other categories and adding implied bar demand to central bank holdings, the figure is likely closer to 2,710 metric tons. Read the complete report at http://www.mintstategold.com/investor-education/bloomberg_gold_research_report/

SILVER

After yesterday’s great performance I was disappointed that in early Asian trading Silver reached $19.92 per ounce, breaking the key $20 support level. At 11am PDT today, Silver is down $0.15 per ounce, trading at $20.12 per ounce.

Pre-order 2014 First Strike Silver Eagles

Stuppler & Company is now accepting orders for 1st Strike U.S. 2014 Silver Eagles at only $4.19 over spot in lots of up to 499, and $3.99 over spot for 1st strike in the Green Monster box (500 coins).

You can lock in today’s low Silver price for delivery early in 2014. Call or email me at 888-454-0444 or [email protected].