Daily Market Report 1/30/15

GOLD

The U.S. GDP numbers were released today and showed that the U.S. economy only grew 2.6% in the final three months of 2014. This growth rate was slower than had been forecast. The preliminary U.S. GDP was expected to show the growth rate only slowing to  3% in Q4, compared to the 5% GDP recorded in Q3 2014.

Gold rallied on the belief that slower growth in the economy will delay the Federal Reserve from increasing interest rates this year.

At 11am PST today, Gold is trading at $1,276 per ounce, up $18 on excellent volume.

SILVER

Silver bounced back with Gold today, rallying above the key $17.00 per ounce support level. At 11am PST today, Silver is up $0.27, trading at $17.15 per ounce on excellent Friday volume.