Daily Market Report 1/31/13

GOLD

A stronger-than-expected reading coming from the Chicago Purchasing Managers Index in January (55.6 versus 50.0 in December) helped to push Gold prices lower. This price decline was very disappointing after the positive reaction to yesterday’s Federal Reserve statement.At 11am PDT Today, Gold is trading at $1,662 per ounce, down $17 per ounce on average volume.

SILVER

Silver followed Gold’s downward move this morning, but held above the important $31 per ounce support. At 11am PDT Today, Silver was trading at $31.45 per ounce, down $0.70 per ounce on average volume.