Daily Market Report 12/24/12

GOLD

Gold trading was very light with a narrow $14 high/low price range, which is normal for a pre-holiday session. Gold closed early today at $1,658 per ounce, up $1 per ounce on very light trading.

CENTRAL BANKS CONTINUE TO BUY GOLD IN NOVEMBER

For the third month in a row Brazil boosted its Gold reserves, adding 14.8 metric tons (475,820 troy ounces) in November. This doubles Brazil’s central bank Gold holdings since August, bringing their Gold reserves to 67.2 metric tons. Russia, Belarus, Iraq, and South Korea have also added Gold in October and November to diversify their assets.

PRINTING OF $100 BILLS SOARS 

In 2012, the U.S. Bureau of Engraving and Printing cranked out 3 billion brand new $100 notes. That’s a record amount of production; 50% higher than the 2 billion $100 bills printed in 2011. For more information on why the U.S. has gone into overdrive on $100 bill production, read the following article: http://www.mintstateGold.com/investor-education/100_dollar_bill_printing_soars/  

SILVER

Silver traded in a $0.60 high/low price range on light volume today. Silver ended trading today down $0.18 per ounce at $29.96 per ounce.