Daily Market Report 11/20/12

GOLD 

Today’s Gold trading range has been very narrow, only $14 from high to low, on typically low volume for a holiday week. At 11am PDT, today Gold is trading at $1,725.80 per ounce, down $8.40 per ounce on light volume.

Yesterday, Moody’s downgraded France’s bond rating from AAA to Aa1 which caused the Euro to briefly collapse before it swiftly recovered from its lows. The U.S. Dollar rallied versus the Euro as the Euro-Group political and financial leaders hold a meeting in Brussels today, they will discuss the terms and timing of the next Greek bailout tranche.

SILVER

Optimism over a potential Congressional settlement over the Fiscal Cliff issues was very positive for Silver yesterday. Yesterday, Silver rallied sharply to $33.22 per ounce on good volume, breaking through the important $33.00 resistance level, before we saw selling. Today, at 11am PDT, Silver at $33.08 per ounce, down $0.09 per ounce on light volume.

The Silver Institute released its “Report on Silver Industrial Demand” which you can read here: http://www.mintstategold.com/investor-education/silver_industrial_demand/.