Daily Market Report 1/16/13

GOLD

Today, Gold is holding above the important $1,680 per ounce price level after last nights Fed statement. Two Federal Reserve officials stated they felt that the U.S. Central Bank’s accommodative policies are appropriate and may even need to be eased further to stimulate the U.S. economy. At 11am PDT today, Gold is trading at $1,683 per ounce, up $0.50 per ounce on average volume. 

SILVER

It’s very bullish to see Silver hold above the $31 per ounce price level in Asia and Europe this morning. Physical demand for Silver worldwide is very strong and is causing storages to producers of investment products. At 11am PDT today, Silver is up $0.05, trading at $31.50 per ounce on excellent volume.