Daily Market Report 1/17/13

GOLD

Gold rallied this morning on news of lower U.S. jobless claims, a jump in housing starts and disappointing data on manufacturing activity in the Philadelphia region. At 11am PDT Today Gold is trading at $1,692 per ounce, up $9 per ounce on excellent volume.

SILVER

Silver reached $31.90 per ounce early this morning before seeing some short term profit taking. Silver continues to trade very actively in the $31 to $31.90 per ounce price level. At 11am PDT Today, Silver is up $0.24 per ounce, trading at $31.74 per ounce on above average volume. 

U.S. Silver Eagle Sales

In the first 16 days of 2013, the U.S. Mint sold 5,132,000 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!