Daily Market Report 1/30/14

GOLD

Gold dropped $25 per ounce at the open of today’s trading after data showed robust household spending and rising exports helped the U.S. economy to grow 3.2 percent in the fourth quarter of 2013. The thinking is that a strong economy will result in the Federal Reserve continuing to cut its current $65 billion monthly bond buying program. At 11am PDT today, Gold is trading at $1,245 per ounce, down $20 per ounce on better than average volume.

SILVER

On the $25 drop in Gold this morning, Silver tested its long term support level of $19 per ounce and held. After reaching $19, Silver trading showed a combination of short covering and fresh buying that quickly rallied the metal back above $19.20 per ounce. At 11am PDT today, Silver is down $0.42 per ounce, trading at $19.25 per ounce on excellent volume.