Daily Market Report 10/23/12

GOLD

Gold opened down 1% as the dollar rallied against the euro and stock markets around the world fell on continued fear of a global slowdown. A credit downgrade of five Spanish regions and weak corporate earnings reports added to the downside. At 11am PDT today, Gold is trading at $1,709.20 per ounce, down $17.00 per ounce on heavy volume. 

The U.S. Federal Reserve’s policy-setting Federal Open Market Committee starts its meeting on Tuesday and is scheduled to release a statement on its policy deliberations on Wednesday afternoon.

I just read an excellent article about the Chinese government practices in acquiring Gold for the national reserve. This article is worth reading, please click on the following link.  http://www.mintstategold.com/investor-education/china_Gold_markets 

SILVER

Silver broke through the $32 per ounce support level this morning reaching $31.64 per ounce (a seven week low) before rallying back. At 11am PDT today, Silver is down $0.48 per ounce, trading at $31.82 per ounce on heavy volume.