Daily Market Report 2/19/13

GOLD

Today we are seeing a war in the world’s Gold and Silver markets between margin call selling and growth in new long term buyers. After a short period of time, Gold should consolidate and build a new base between $1,600 and $1,630 per ounce. At 11am PDT today, Gold is trading at $1,604.25, down $3.75 from Friday’s price on very heavy volume.

Asian Gold Markets Re-Open

China’s Gold consumption amounted to 832.18 tonnes in 2012, an increase of 9.35 percent from a year earlier, data from China Gold Association showed today. Public consumption of Gold jewelry rose 10.09%, Gold bars 12.22% and Gold coins 21.73% year on year. “Chinese investors returned to the market today after the holiday, and the slump in Gold prices in the past week provided great incentive for buying as many Chinese are still holding a bullish outlook on Gold,” said Qu Mingyu, a precious metal trader at Bank of China.

First Ever Audit of the New York Federal Reserve Gold Holdings

The first ever audit of the Gold in the New York Federal Reserve appears to be going well according to officials. For more information click here: http://www.mintstateGold.com/investor-education/cat/news/post/audit_finds_ny_fed_Gold_intact/ 

SILVER

Silver was unable to hold the key $30 per ounce support level and dropped to as low as $29.23 before finding support. At 11am PDT today, Silver is down $0.45 per ounce at $29.45 per ounce on heavy volume.