Daily Market Report 2/14/13

GOLD

Gold traded this morning lower on strength in the U.S. Dollar’s value (versus the Euro) on light demand. Not surprising considering that Asian precious metal markets are closed this week for the Lunar New Year holiday. At 11am PDT today, Gold is down $9 per ounce, trading at $1,635 per ounce on light volume.

WORLD GOLD COUNCIL REPORTS ALL-TIME RECORD HIGH SALES FOR GOLD IN 2012

The World Gold Council issued its 2012 year end Gold report this morning. The report shows that during 2012, the all-time record world Gold demand was $236 billion, while world Gold supplies declined 1.4% in 2012. The Gold demand was a combination of jewelry, coins, bars, ETF’s, technology and Central Bank buying. To read the complete report click on the following link: http://www.mintstateGold.com/investor-education/wgc_2012_Gold_report/ 

SILVER

Silver showed excellent domestic demand when it hit the lows of today $30.21 per ounce. $30 per ounce Silver is at major support area and I expect it to hold until the Asian markets open next week. At 11am PDT today, Silver is down $0.30 per ounce, trading at $30.47 per ounce.

PLATINUM SUPPLIES ARE VERY THIN

Platinum climbed for a third day, widening its spread over Gold to the biggest since August 2011, on concern that global supply will drop this year just as a recovery boosts industrial demand. Platinum premium over Gold has widened to as much as $90, the biggest since August 2011. Platinum has climbed 12 percent this year, while Gold has dropped 1.8 percent. 

Anglo American Platinum Ltd. said it plans to idle shafts in South Africa, the world’s biggest producer, as Platinum production is dropping 2.7 percent to 5.68 million ounces this year, the least since 2000.