Daily Market Report 1/22/13

GOLD

Gold rallied early this morning in Asia as the Bank of Japan, under political pressure, followed the lead of the US Federal Reserve and the European Central Bank as it pledged to buy a potentially unlimited amount of government bonds. At 11am PDT today, Gold is up $4.00 per ounce, trading at $1,695.10 per ounce on increasing volume of contracts.

Futures Trading Commission (FTC) reported that long positions in U.S. Gold futures and options raised by 8% last week to 99,458 contracts in the week ending January 15 and Silver contracts also increased. 

SILVER

Silver’s volume of both physical demand and future longs position has been increasing, while Silver tries to stay above the $32 per ounce price level. At 11am PDT today, Silver is trading at $32.38 per ounce, up $0.26 per ounce on an excellent volume of trading.