Daily Market Report 11/16/12

GOLD

Today’s White House meeting between the President and Congressional leaders has been seen as constructive by the financial markets and stock, energy and precious metal markets rallied on the news. The possibility of avoiding a fiscal cliff with an agreement which would provide revenue increases, coupled with spending cuts, was accepted by both parties. When the news was reported, Gold was trading at $1,708 per ounce, and quickly jumped $8 per ounce. This morning Gold did hit $1,705 per ounce before rallying and at 11am PDT today Gold is up $1.20, trading at $1,715.80 per ounce on weekend type volume.

Yesterday, the World Gold Council said Gold demand in 2012 would likely beat last year’s 47-year high, while Indian demand for Gold jewelry increased by seven percent year-on-year.

SILVER

Silver has been on the defensive all day, reaching the $32.00 support level this morning. At 11am PDT today, Silver is trading at $32.40 per ounce, down $0.22 per ounce on average trading volume.