Daily Market Report 11/8/12

GOLD

In spite of a much stronger U.S. Dollar versus the Euro, Gold continues higher this morning, braking through its next short term resistance level of $1,727 per ounce. Physical demand for Gold around the globe has picked up since the re-election of President Obama. At 11am PDT today, Gold is up $14.40 per ounce, trading at $1,729.60 per ounce on excellent volume.

In Europe, Greece managed to stave off bankruptcy for the time being - its parliament passed a crucial austerity bill in a narrow vote, a major step to secure the next installment of its international rescue loans - but the governing coalition is crumbling, and causing the value of the Euro to fall versus the U.S. Dollar. 

SILVER

Silver rallied back above the important $32 per ounce resistance level this morning on increasing demand. The next short term resistance level is $32.67 per ounce. At 11am PDT, Silver is trading at $32.23 per ounce, up $0.45 per ounce.