Daily Market Report 12/28/12

GOLD

Today Gold has traded in a very thin $12 price range, with $1,655 the low, while $1,667 being the high. It appears that the precious metal markets are waiting for a direction from ongoing negotiations in Washington D.C. on the Fiscal Cliff. No Fiscal Cliff agreement or deal by Monday could negatively affect all financial and precious metal markets. At 11am PDT today, Gold is down $6.30, trading at $1,656.20 per ounce with light volume. 

SILVER

Silver is really fighting to stay above the $30 per ounce support level. On thin volume, Silver briefly traded at $29.93 per ounce, then quickly rallied back above $30 per ounce. At 11am PDT today, Silver is down $0.13, trading at $30.02 per ounce on very light volume.