Daily Market Report 10/24/12

GOLD

Gold trades in a tight $1,700 to $1,713 price range in this morning’s trading, while it waits for the Federal Reserve policy statement later this afternoon. At 11am PDT today Gold is trading at $1,701.10 per ounce, down $8.10 in a narrow range on heavy volume. 

South Africa’s Gold Fields (the world’s fourth-largest bullion producer) fired 8,500 miners yesterday after they ignored an ultimatum to return to work. South Africa is struggling to resolve violent unrest at its precious metal mining properties. 

Three highly respected Gold investors make their 2013 predictions, yes Jimmy Rogers, Jeremy Grantham and John Paulson tell you why they are bullish on Gold for 2013. See the full article here: http://www.mintstategold.com/investor-education/2013_predictions/

SILVER

Silver has been on the defensive in Asia, Europe and U.S. all morning. The price has ranged from $31.51 to $32.07 per ounce. At 11am PDT today, Silver is down $0.17, trading at $31.65 per ounce on sizeable volume. 

Physical Demand for Silver Continues Strong

According to the latest data released by the US Mint, they sold 2,449,000 ounces of Silver Eagles in the month of October, bringing the total sales this year to 28,244,000 ounces. Total U.S. Mint sales of 1 ounce Silver Eagles in 2012 is projected to be between 33 – 35 million.