Daily Market Update 1/24/11

Gold and silver rallied in the morning based on excellent overnight demand from Asian and European markets. Prices fell off in late New York trading after Oil declined $1.45 a barrel and buying switched to the equities markets.  Gold and silver are still holding within their trading ranges and with the Chinese New Year starting next week, which historically has shown gold to be in strong demand, we expect heavy demand to help support the entire precious metal complex.