Daily Market Report 11/30/12

GOLD

House Speaker John Boehner’s press conference this morning cast a negative impression on any quick settlement to the Fiscal Cliff crisis, thus putting pressure on the equity and precious metal markets. In overnight news the government of Japan announced a new $10.7 billion stimulus. This new plan roughly doubled the size of a stimulus package announced in late October, and is very long term bullish for Gold. At 11am PDT Today, Gold is trading at $1,712.60 per ounce, down $15.20 per ounce on average volume. 

Physical Gold Demand at Record Levels

The U.S. Mint announced that November Gold Eagles sales were over 131,000 troy ounces, a record level and eagle sales are currently over a million ounces for 2012.

SILVER

Silver traded today with a wide $1.17 price range based on comments on the Fiscal Cliff crisis. At 11am PDT today, Silver is down $0.95, trading at $33.35 per ounce on heavy volume for a Friday.
2012 U.S. Mint sales of Silver 1oz Eagles as of November 26th is over 32 million, showing continued strong physical demand.