Daily Market Report 12/13/12

GOLD

Gold sold off today, because with the exception of the Fed’s targeting unemployment as an indicator for QE3, the Federal Reserve’s announcement was anticipated by many of the professional traders. These commodity traders had purchased call ahead of the announcement and sold into the market which rallied after the Federal Reserve statement and news conference. Additionally, Gold reacted negatively to the continued deadlock with the Fiscal Crisis PR war in Washington. At 11am PDT, today Gold is trading at $1,695 per ounce, down $20 per ounce on average volume.

SILVER

Silver reacted with Gold this morning, dropping back to test $32.20 per ounce. At 11am PDT, Silver is down $1.28 per ounce, trading at $32.40 per ounce on heavy volume.