Daily Market Report 11/19/12

GOLD 

With all the Congressmen and women out on a Thanksgiving holiday break, there isn’t any negative talk about a Fiscal Cliff deal, so the markets have rallied today. Both the Senate and House of Representatives will be in session from Tuesday, November 27th to Friday, December 14th when they both scheduled to go on recess for the holidays. Any Congressional agreement or short term postponement on the Fiscal Cliff is likely to be reached prior to December 14th. 

The CME Group (Major Commodity Exchange) has lowered margin requirements for Comex Gold futures by 18.5 effective November 20. Lower margins reduce cost for investors, thereby spurring fresh buying.

Today, at 11am PDT, Gold has rallied to $1,734.20 per ounce, up $19.60 per ounce on excellent volume of trading. 

SILVER

Silver has broken out above the $33 per ounce resistance level today, reaching $33.21 earlier this morning. At 11am PDT Today, Silver is up $0.77 per ounce, trading at $33.17 per ounce on average volume.