Daily Market Report 10/12/12

GOLD

The base building continues for the Gold price, as it trades in a narrow range with sizeable demand in the sub $1,760 per ounce area. At 11am PDT today, Gold is trading at $1,760.60 per ounce, down $8.40 per ounce today on light volume.

GOLD DEMAND IS STRONG

Gold holdings in exchange-traded funds rose for the eleventh straight day, reaching an all-time high of 2,582.98 metric tons of Gold yesterday.

SILVER

While the U.S. Mint reports higher demand for Silver Eagles, U.S. mines are reporting a decline of 12% in new Silver production. See the following article for more details: http://www.mintstateGold.com/investor-education/cat/news/post/Silver_output_down/  At 11am PDT today, Silver is trading at $33.61 per ounce, down $0.49 per ounce on light weekend type volume.