Daily Market Report 11/7/12

GOLD

President Obama’s victory last night is very bullish for precious metals prices and negative for equities, as seen in today 300 point drop in the Dow. I believe you will see much higher Gold and Silver prices by year end. Today, Gold is consolidating yesterday’s gains when exit polls and reports of heavy democratic early voting showed positive signs for President Obama’s re-election.

At 11am PDT today, Gold is trading at $1,715.20 per ounce, up $1.20 on excellent volume. 

SILVER

Silver isn’t showing as much strength as Gold and has been hit with profit taking from yesterday’s $0.90 rally. At 11am PDT today, Silver is down $0.26 per ounce, trading at $31.78 per ounce on normal volume.