Daily Market Report 12/16/14

GOLD

Gold returned to the $1,180 to $1,200 per ounce trading range this morning. The downward move was led by a weakness in Silver, which hit $15.52 per ounce earlier today. As we approach year end there will be some major holders re-positioning for the New Year.

At 11am PST today Gold is trading at $1,195, down $9 per ounce on average volume.

SILVER

Silver sold off on the opening of the commodity markets in Asia, reaching a low of $15.52, before bargain buying appeared. I cannot determine what news triggered the selling and I’ll be talking to some of the Asian dealers to learn more.

At 11am PST today, Silver is down $0.80 per ounce, trading at $15.75 per ounce on heavy volume.

Gold and Silver PAC

The Gold and Silver Political Action Committee is very proud to say that H.R. 2754 Collectible Coin Protection Act was PASSED BY THE SENATE ON DECEMBER, 15, 2014 AND IS ON ITS WAY TO BE SIGNED BY THE PRESIDENT OF THE UNITED STATES!

The Collectible Coin Protection Act helps combat the counterfeiting of numismatic items and grading-service slabs. When signed by the president, this will give more teeth to the law and have a significant impact in our industry.

Chinese Counterfeit Coins: As its No. 1 legislative priority, we have identified finding a means of stemming the influx of very high quality counterfeit coins entering the US marketplace from China. Guided by Political Consultant Jimmy Hayes, it was decided that the most effective remedy would be to add enforcement power to the existing Hobby Protection Act. This bill will modify the Hobby Protection Act to give it more enforcement and deterrent power to stop the inflow of all counterfeit coins.