Gold & Silver Digest: 1/17/13

Adam Taggart
By Adam Taggart on Thu, Jan 17, 2013 - 6:55pm

The Gold & Silver Digest contains headlines of stories that members of this group deem relevant and/or interesting to precious metals enthusiasts.

If you have articles to submit for the next digest, please email them to me by clicking here.

1/17/13 5:45 PM EST US close metals price quotes from Finviz

Forbes: P.M. Kitco Metals Roundup: Gold Ends Firmer, Hits 4-Week High; Bulls Gain Fresh Near-Term Technical Strength

(Kitco News) - Comex gold futures prices ended the U.S. day session with moderate gains and hit a fresh four-week high Thursday, after falling solid under selling pressure in mid-morning trading. Traders quickly stepped in to buy the morning dip in gold prices and do some bargain hunting. The key “outside markets” were also in a bullish posture for the precious metals Thursday—a weaker U.S. dollar index and higher crude oil prices. Both the gold and silver bulls gained fresh upside near-term technical momentum on Thursday. February gold last traded up $7.60 an ounce at $1,690.80. Spot gold was last quoted up $11.10 at $1,691.50.  March Comex silver last traded up $0.238 at $31.77 an ounce.

Gold prices quickly rebounded from their daily lows that were hit in mid-morning dealings Thursday. The metals were pressured following the release of some U.S. economic data that was stronger than expected. Weekly U.S. jobless claims came in at a five-year low, while U.S. housing starts jumped sharply in December. That news helped to lift the U.S. dollar index up from its daily low, which in turn led to selling pressure in the metals.

Herald Sun: Prospector strikes 5.5kg gold nugget in Ballarat, Victoria

A WHOPPING 5.5kg gold nugget worth up to $300,000 has been found in bush near Ballarat.

The "incredibly rare" nugget was found 60cm underground by a prospector, who wishes to remain anonymous, on Wednesday.

Ballarat Mining Exchange Gold Shop owner and dealer Cordell Kent said the prospector heard a faint noise on his detector and removed a dense pile of leaf mulch before he started digging.

The Telegraph: A new Gold Standard is being born

The world is moving step by step towards a de facto Gold Standard, without any meetings of G20 leaders to announce the idea or bless the project.

Some readers will already have seen the GFMS Gold Survey for 2012 which reported that central banks around the world bought more bullion last year in terms of tonnage than at any time in almost half a century.

Reuters: Gold imports could fall 25 percent on duty hike

(Reuters) - India's gold imports could drop by up to a quarter this year if, as expected, the government again raises the duty on the precious metal, the chairman of the All India Gems and Jewellery Trade Federation said on Thursday.

Bachhraj Bamalwa said he believes import duty on gold will be hiked to 6 percent in the budget scheduled for February 28. The rate was doubled to 4 percent last as part of moves to cut India's trade deficit.

Business Insider: GOLDMAN: Gold Is Going To $1200

In December, Goldman Sachs commodity analysts caused quite a bit of chatter when they called the end of the bull market in gold.

The bank's central thesis is that the U.S. economic recovery finally takes off in 2013, and Goldman expects that to drive a selloff in the gold market as investors rotate away from traditional "safe-haven" investments.

Bloomberg: Iamgold Sees ‘Peak Gold’ Forging $2,500 Price

Iamgold Corp. (IMG), the gold producer with mines in Canada and Mali, says the metal will rise to a record $2,500 an ounce as global output peaks and ore grades decline.

The industry has exploited its best-quality gold reserves and is being forced to tap lower-grade and higher-cost deposits, Iamgold Chief Executive Officer Steve Letwin said.

Seeking Alpha: Are Junior Gold Investors Living The Movie 'Groundhog Day'?: David Skarica

Gold stocks, especially juniors, have been undervalued for longer than most investors thought possible. The result is what David Skarica, founder of Addicted to Profits, calls a Maximum Pessimism Trade. In this interview with The Gold Report, Skarica summarizes his analytical tools and provides clear examples of companies that meet his criteria as "screaming buys." Gold junior investors might feel as if they live in the movie "Groundhog Day," but the undervaluation cycle will eventually be broken. Is the junior golds' spring around the corner?

PeakProsperity: Off the Cuff: "Hand-to-Mouth" Tightness Seen in Silver Inventories

This week Chris sits down with precious metals expert Ted Butler to discuss the recent developments in the gold and silver markets.

While Ted discounts the price impact of the Bundesbank reserve repatriation news, he is more focused on the recent supply tightening the silver market. Silver inventories are currently experiencing record high weekly turnover (no other commodities are seeing this same dynamic), and Ted thinks this may be the sign of 'hand-to-mouth' tightness in the supply of investment-grade and industrial silver. If true, it's a whopper of a bullish sign for silver investors – and a flashing sign to those on the sidelines that now may be a good time to get into the action.

Silver Bear Cafe: Three things to watch in 2013

January 16, 2013 – The precious metals have been in a 2-year trading range. Though gold rose 10.2% in 2011 and 7.0% in 2012, these rates are below the 16.8% average annual appreciation gold has achieved over the past twelve years.

Importantly, by being in a trading range, it is clear that the precious metals have refused to break lower despite repeated attempts by the gold cartel that occasionally gave the precious metals a severe pummeling. So given the precious metals dogged determination to absorb whatever was thrown at them throughout this period – which is a sign of underlying strength – we can reasonably expect gold and silver to start moving higher soon.

Note: If you're reading this and are not yet a member of Peak Prosperity's Gold & Silver Group, please consider joining it now. It's where our active community of precious metals enthusiasts have focused discussions on the developments most likely to impact gold & silver. Simply go here and click the "Join Today" button.

5 Comments

Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 1659
Today's Gold & Silver Digest Is Now Available

see above

Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 1659
US Mint Sold Out Of 2013 Silver Eagle Coins

Just in from GoldSilver.com:

The US Mint has run out of silver eagle bullion coins and has temporarily suspended sales.  They may begin allocating coins the week of January 28, 2013.

Below is a portion of the email received today from the US Mint:

The United States Mint has temporarily sold out of 2013 American Eagle Silver Bullion coins.  As a result, sales are suspended until we can build up an inventory of these coins.  Sales will resume on or about the week of January 28, 2013, via the allocation process.

Premiums are moving higher and silver eagle bullion coin availability will decline in the coming days.

DLClark91's picture
DLClark91
Status: Member (Offline)
Joined: Dec 4 2011
Posts: 14
Silver's strange january

Interesting that this is one of several data points on silver this month....an exhausted mint from record sales, the SLV fund taking delivery of over 500 tons, and the price of silver just bobbing along like a cork in the still waters of a calm pond.   My very un-technical analysis finds this an odd combination.  

KennethPollinger's picture
KennethPollinger
Status: Silver Member (Offline)
Joined: Sep 22 2010
Posts: 137
Taking Gold out of the USA

Since I have some property in Costa Rica and desire to move some physical gold there periodically,

I've been trying to find out what occurs at the airport screening. No matter where I inquire,

I find much conflicting info.  I'd hate to be stopped at the screening and be told I cannot take

any out, or only a certain amount and then be stuck there holding the metal in hand with few options

to save the situation.  Help anyone, especially with written sources.  Thanks

Pioneer's picture
Pioneer
Status: Bronze Member (Offline)
Joined: Mar 1 2009
Posts: 60
sell gold and re-purchase in Costa Rica

Kenneth,  I doubt you are forbidden to carry gold in your luggage  - it would be like forbidding gold jewelry in luggage  - it's all the same precious metal.   You could sell gold here and re-purchase in Costa Rica at same rate with the cash  - arrange the sale and purchase prices in advance to assure no loss.  Or purchase coins from Tulving.com if they ship to Costa Rica  - they have the best deal on the internet when I last purchased, dependable, and they guarantee purchase back when you're ready to convert back to cash. Or maybe you could mail it, insured.  Have you considered owning gold on BullionVault.com?  - it's physical metal certified, purchased, delivered and allocated to you and you alone, audited daily; instantly resaleable on the international market at competitive prices with cash in your bank 24 hours later; in secure, non-government storage at reasonable storage rates in Zurich, New York or London, and you can take physical delivery.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments