Daily Market Report 5/13/13

GOLD

Gold opened lower this morning in the Asian markets and found substantial buying at the $1,424 per ounce level. Sales of ETF paper Gold holdings continue to drive holdings lower, while physical demand for Gold investment products continues to increase. At 11am PDT today, Gold is trading at $1,436 per ounce, down $3 from last Friday’s price.

World’s largest money manager bullish on Gold

BlackRock Inc. (BLK), the world’s largest money manager, said it is still bullish on Gold. BlackRock’s President, Robert Kapito, said on May 9 that he would still buy the metal, echoing billionaire John Paulson, who is sticking with a bullish view even after losing 27% of his Gold Fund last month.

Collectible Coin Protection Act

As chairman of the Gold and Silver communities’ Political Action Committee (Gold & Silver PAC), I am proud to share the introduction of HR 1849, the Collectible Coin Protection Act into the House of Representative on May 7th. This Federal legislation amends and updates the Hobby Protection Act passed over 30 years ago. HR 1849 allows both law enforcement and civil action against manufacturers, importers, and sellers of counterfeit coins and bullion products, as well as providing enforcement against the unauthorized use of registered trademarks belonging to collectible certification services.

This legislation is non-partisan and has no financial effect on the budget; therefore I am asking my friends who have a relationship with their local congressman to contact them and request they be a co-sponsor of HR 1849. Please let me know of any positive replies.

SILVER

Silver showed excellent support this morning in the $23.50 per ounce level. The volume of sellers on the commodity markets has diminished, while demand for physical Silver investment product has stayed very strong. At 11am PDT today, Silver is down $23.73 per ounce, up $0.03 per ounce on average volume.