Daily Market Report 2/13/13

GOLD

With Asian precious metals out of the picture, closed for the weeklong Lunar New Year holiday, the metals are struggling for direction. Gold traded today between $1,642 to $1,655 per ounce, and at 11am PDT today Gold is trading near the lows of the day at $1,644 per ounce, down $6.50 per ounce on average trading volume.

SILVER

Silver trading was light today in a narrow price range. At 11am PDT today, Silver is down $.25 per ounce, at $30.77 per ounce.

U.S. Silver Eagle Purchasing on Record Pace

As of February 12, 2013, the U.S. Mint has sold 8,936,500 1oz Silver Eagles, on a record pace which would surpass the 2011 sales record of 39,868,500 American Silver Eagles. 

Why is this news? It shows that physical demand for Silver investment products is growing at the current $31 to $32 per ounce price level.