Daily Market Report 1/21/13

GOLD

Gold moved higher today on signs U.S. lawmakers were making progress towards an agreement on raising the country’s borrowing limit to avoid a debt default. At 11am PDT today, Gold is up $5.40, trading at $1,691.10 per ounce on excellent volume.

A LITTLE PROGRESS COMING FROM CONGRESS

Late Friday, some House Republican leaders said they would seek to pass a three-month extension of federal borrowing authority next week to buy time - on pain of losing their own paychecks - for the Democratic-controlled Senate to pass a budget plan that shrinks budget deficits. U.S. Senate Democrats for the first time in more than three years plan to pass a budget, a senior Democratic lawmaker said on Sunday, fulfilling a basic task that Republicans have been urging them to do. 

U.S. CONSUMER CONFIDENCE IS DETERIORATING

U.S. consumer sentiment unexpectedly deteriorated for a second straight month to its lowest in over a year in January, with many consumers citing fallout from the recent "fiscal cliff" debate in Washington, a survey released on Friday showed.

SILVER

Physical demand for Silver keeps growing in the U.S., Asia and Europe. Record demand for Silver investment products is being reported by Mints and resellers.  At 11am PDT today, Silver is trading at $32.12 per ounce, up $0.13 per ounce on good volume.