Daily Market Report 1/17/14

GOLD

Technically, Gold is looking sound. Support is at $1,220, $1,200, and of course what appears to be a double bottom at $1,180/oz. A close above $1,270 could see gold quickly move to test resistance at $1,300 and $1,330.

The COMEX Gold stockpile has fallen to new record lows, showing that demand for physical bullion remains very strong. The COMEX Gold stock is at the lowest level since 2007 while physical Gold bullion trading volume on the Shanghai Gold Exchange surged by 61% in 2013 over 2012.

At 11am PDT today, Gold is up $11 per ounce, trading at $1,252 on excellent volume for a Friday.

SILVER

Silver traded between $19.95 and $20.45 for the day. I saw excellent support when it traded under $20 per ounce, while seeing short term profit taking at today’s high. At 11am PDT today, Silver is trading at $20.28 per ounce, up $0.22 per ounce on good trading volume.

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].