8.9.2016 It has been an absolutely lethargic start to the week for the precious metals. Gold has traded in a mere $12 range so far this week and its attempt today to recover from Friday’s strong payroll figure was underwhelming at best. The physical coin and bar market in North America and Europe continues to disappoint with margins for fabricated products right around all-time lows. The weakness in the coin market is best exemplified by US Mint bullion sales figures. Silver eagle coin sales went from 4.5 million coins in May to 2.84 million in June to just 1.37 million in July. Prior to June, the US Mint hadn’t sold less than 4 million coins in a month all year. Despite the coin and bar market being firmly entrenched in the summer doldrums, the precious metals as a whole still look strong. Exchange-traded products featuring precious metals saw its biggest January – July inflow of capital, approximately $51 billion, since 2009. For now, any move in gold towards $1,310 will find solid bids while $1,370 – $1,375 remains the area to watch overhead.