Daily Market Report 01/04/12

GOLD

Gold rose by nearly 2 percent on Tuesday, fueled by a recovery in the euro against the dollar. Adding to the demand for gold are mounting tensions between Iran and the United States over a possible disruption to oil supply, which boosted crude oil futures, and reports that Iran produced its first nuclear fuel rod.

European and U.S. precious metal markets were up as well with positive manufacturing data coming out of China and expectations for good figures from the US this week.  At 11am PDT, Gold is up $14.96 per ounce, trading at $1,617.30 per ounce on average volume.

Gold demand in India rose on Friday, after prices fell 3 percent in the past two days, luring jewelers who began restocking and preparing for the wedding season beginning mid-January.

SILVER

After hitting support at 26.15 per ounce last week, Silver had an impressive rally yesterday.

However, $30 is a very important resistance level, which needs to be broken before many floor traders and professional commodity trades will see Silver back on the upward trend. At 11am PDT, Silver is trading at $29.36 per ounce, down $0.28

The Commerce Department reported today that Factory orders in November rose 1.8% to $459.2 billion.

See my 2012 Prediction and year-end report on MintStategold.com, here is the link

http://www.mintstategold.com/investor-education/cat/markets/