Daily Market Report 2/5/13

GOLD

Gold rallied yesterday and the world’s equity markets declined as European political risk heats up again. As Spain’s Prime Minister Mariano Rajoy was accused of accepting and distributing illegal payments to party members. Rajoy is considered to be a front-runner in the upcoming elections, but now there is an increased amount of uncertainty. Meanwhile, former Italian Prime Minister Silvio Berlusconi is regaining popularity, which threatens reforms previously adopted. Today, at 11am PDT, Gold is down $1.50, trading at $1,672.50 per ounce on normal volume.

I just read a great article on the many reasons why many of the world’s largest central banks are accumulating Gold and why they will continue in the coming years. Read more here: http://www.mintstateGold.com/investor-education/global_Gold_accumulation/ 

SILVER

Silver tested the $32 per ounce resistance level and couldn’t stay above. At 11am PDT, Today, Silver is trading at $31.82, up $0.10 per ounce on light trading.