Daily Market Report 12/20/12

GOLD

Today’s announcement of 3.1% growth in the U.S. GDP had a negative effect on the Gold price, as it dampened expectations that the Federal Reserve would expand future monetary stimulus.This news combined with the lack of any settlement between Republicans and the President on the Fiscal Cliff issue has driven down the price of Gold. At 11am PDT today, Gold is down $24 per ounce, trading at $1,645 per ounce on heavy volume.

SILVER

Silver followed Gold’s direction this morning and broke through the important $30 per ounce support level. At 11am PDT, Silver is trading at $29.70 per ounce, down $1.48 per ounce on very heavy volume.