Daily Market Report 12/12/13

GOLD

The precious metal markets reacted negatively to the congressional two year budget agreement. The feeling is that this agreement would give the Federal Reserve an excellent reason to slow down their $85 billion monthly stimulus program at their up-coming meeting on Dec. 17-18. Both the precious metal markets and the equity markets dropped today as the U.S. Dollar rallied versus other world currencies. At 11am PDT today, Gold is trading at $1,225 per ounce, down $32 per ounce on heavy volume.

The physical Gold holdings in the SPDR Gold Trust (GLD), the biggest exchange-traded product backed by bullion, declined 0.3 percent to 833.60 metric tons yesterday, the lowest since January 2009, and contracted 38 percent this year.

SILVER

Silver dropped more than 4% today with the Gold selloff, quickly breaking below the key $20 per ounce support level. Silver kept dropping, reaching a low of $19.40 on average volume. Silver has re-claimed its negative bias with the professional floor traders, who covered their shorts on Tuesday’s rally. At 11am PDT today, Silver is down $0.85 per ounce, trading at $19.47 per ounce on over 40,000 March CME contracts.

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