Daily Market Report 2/8/13

GOLD

Gold traded this morning in a narrow price range. With only a $7 high/low range today we are seeing Gold consolidate around the $1,670 per ounce price. Trading volume should drop next week as China’s week-long Lunar New Year holiday starts tomorrow. At 11am PDT Today, Gold is down $3.00 per ounce, trading at $1,668 per ounce on very low volume

SILVER

Silver is following Gold’s consolidation trend this morning, staying between $31.50 and $31.60 per ounce for most of today’s trading. Silver Eagle demand at the U.S. Mint continues to be very strong the first week of February with sales of 936,000 1oz .999 Silver early, putting 2013 sales at 8,434,000 coins. At 11am PDT today, Silver is trading unchanged at $31.45 per ounce, on low volume.