Mid-Day Gold & Silver Market Report – 1/18/2013
U.S MINT SELLS OUT OF SILVER AMERICAN EAGLES
The United States Mint may not be a common conversation topic around the dinner table, but so far this month, the 6,007,000 ounces of Silver they have sold has been enough to suspend Silver sales. In essence, the Mint has sold out of Silver coins. We have yet to reach the record of 6.42 million ounces sold in January 2011, but there is still time. When sales resume, it will be interesting to see how quickly the 2013 Silver American Eagle, which went into production this month, is consumed again.
On Thursday, the S&P closed at its highest in more than five years and the Dow was very close to a similar record. There is a sentiment that the bull market isn’t finished. Some investors believe that the stock market could move higher, especially if the political uncertainty is resolved. Chairman and CEO of Morgan Stanley, James Gorman, said, “The U.S. economy is recovering. That's unmistakable. The speed of it still remains to be determined.”
At 2:19 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,687.10, Down $5.70.
- Silver, $31.89, Up $0.05.
- Platinum, $1,699.90, Down $29.20.
- Palladium, $721.60, Down $5.50.
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