Daily Market Report 12/27/12

GOLD

As news was reported from Congressional leaders on the status of the Fiscal Cliff issues, Gold first fell then rallied back on bargain hunting and short covering following the recent dips in prices. At 11am PDT today, Gold is trading at $1,662.50, up $3.10 on light volume. N.Y. Commodity Exchange (COMEX) Gold contract volume this week is less than half of its average weekly volume over the last month. 

GEITHNER ADDING HIS TWO CENTS

Geithner tells Congress we will hit our legal borrowing limit by this coming Monday, setting in motion emergency measures to keep the government operating for several more weeks and serving as a reminder that the nation’s budget wrangling could continue well into 2013.

SILVER

After hitting $29.69 per ounce this morning, which is long term support, Silver quickly rallied back to $30.50 per ounce. At 11am PDT today, Silver is up $0.15 per ounce, trading at $30.15 per ounce on light volume. Silver’s volume this week is about one third of its monthly average.