Daily Market Report 12/31/12

GOLD

Gold has traded in a very narrow $8 high/low price range today awaiting news from Washington on settlement of the Fiscal Cliff legislation. At 10:45am PDT today the President announced that Congress is close to an agreement on the primary Fiscal Cliff issues and the Gold market moved up $20 per ounce. At 11am PDT, Gold is trading at $1,676.50 per ounce, up $20.30 per ounce on active trading.

The CME (the major Gold futures contract exchange) has announced a lowering of margin requirements by 11% on Gold contracts effective on Wednesday. 

SILVER

Silver moved higher this morning after President Obama announcement of a potential settlement of the Fiscal Cliff legislation. At 11am PDT, Silver is up $0.24 per ounce, trading at $30.26 per ounce on active volume of trading.