Daily Market Report 1/23/14

GOLD

Gold Surges on Speculation India May Ease Import Restrictions

Over the past year India’s attempt to impose price controls on Gold imports has only achieved one thing: citizens have been forced to find ever newer and more creative means of smuggling Gold. It has gotten so bad Indians are now smuggling the yellow metal through Pakistan, on airplanes, and has now even surpassed the illegal drug trade. Gold smuggling in India is booming, estimated at 200 metric tonnes in 2013. On this news, Gold rallied $20 per ounce in overnight Asian trading on a request by India’s Congress party chief, Sonia Gandhi to the Indian government, asking for a cut in the record import duty on Gold and for other restrictions to be eased.

At 11am PDT today, Gold is trading at $1,263.50 per ounce, up $23.50 on heavy volume.

SILVER

Silver rallied with Gold early this morning, reaching $20.34 per ounce. When markets opened in the U.K. and U.S. a good number of Professional Commodity Traders (PCT) shorted Silver above $20.25 per ounce. The price quickly retreated to the $20 per ounce support level. The Silver/Gold ratio has now risen above 63 to 1.

At 11am PDT today, Silver is up $0.18 per ounce, trading at $20.04 per ounce on heavy volume.

2014 First Strike Silver Eagles

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Visit our website at www.mintstategold.com to make your purchase or call or email me at 888-454-0444 or [email protected].