Daily Market Report 12/19/13

GOLD

After yesterday’s Federal Reserve announcement about reducing the $85 billion monthly stimulus, there was a real war in the precious metal trading pits. Gold initially dropped after the $10 billion monthly reduction was announced to $1,222 per ounce, then quickly rallied to $1,245 on massive short covering. After Gold’s short covering rally, it actively traded between $1,232 and $1,239 per ounce on excellent volume until the bears took control driving it under $1,220 by the end of yesterday’s after-market trading. Asian markets were weak and Gold’s decline continued this morning, reaching $1,193 per ounce. It is important to see Gold move back above $1,200 per ounce by tomorrow. At 11am PDT today, Gold is trading at $1,197.05 per ounce, down $39.00 on heavy volume.

SILVER

In yesterday’s after-market trading, Silver couldn’t hold the important $20 per ounce level and dropped to $19.80 per ounce in late trading. This morning, Silver continued to decline with Gold reaching $19.12 per ounce. At 11am PDT today, Silver is down $0.82 per ounce, trading at $19.28 per ounce on heavy volume.

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