Daily Market Report 2/6/13

GOLD

Gold moved higher this morning on concerns of Eurozone economic problems.  European central bank leadership will have a meeting later this week to discuss the best way to speed up the recovery. At 11am PDT today, Gold is trading at $1,676 per ounce, up $3.50 on light volume.

Federal Budget Deficit is Projected to Improve in 2013

The Congressional Budget Office analysis released last Tuesday says the government will run a $845 billion deficit this year, a modest improvement compared to last year’s $1.1 trillion shortfall but still enough red ink to require the government to borrow 24 cents of every dollar it spends.

SILVER

Silver is still having a difficult time breaking above the $32 per ounce resistance level, reaching $31.94 this morning before see heavy selling. At 11am PDT today, Silver is trading at $31.82 per ounce, unchanged on light volume.

PLATINUM

Platinum is the star performer today, breaking out above the $1,715 resistance level and is running higher, reaching $1,746 per ounce before seeing some profit taking. At 11am PDT today, Platinum is trading at $1,733 per ounce, up $28 per ounce on higher than average volume.