Daily Market Report 02/02/12

GOLD

Gold is still in rally mode and as of 11am PDT, is up $13.20, actively trading at $1,756.20 per ounce. The next minor resistance levels are at $1,765 and $1,780, with a major resistance level at $1,800 per ounce. The International Monetary Fund announced that Turkey added about 500,000 oz of gold to its reserves in the month of December which brings its grand total to 6.28 million ounces.  Central banks adding gold to their reserves has been a trend that has gained momentum over the last 5 years and set a record high in 2011.

SILVER

This morning silver broke through the $34 per ounce resistance level and traded as high as $34.20 per ounce, before we saw some profit taking. Right now at 11am PDT, Silver is trading up $0.55 at $34.26 per ounce on heavy volume.  Silver, as do all the other precious metal, has been taking its direction from Gold.  The U.S. Mint reported record sales for January at 6,107,000 1oz .999 Silver Eagles sold.