Daily Market Update 2/1/11

The Egyptian crisis, and the U.S. Dollar losing value, continue to be the two dominant issues in commodity markets trading.  All four popular precious metals were higher today, with Silver behaving the best. Gold was up $7.50; Silver up $.50; Platinum up $30; and Palladium up $9.
 
During the past four trading days, Gold has created a quadruple top at the $1,346 level which now represents a formidable resistance level for the next break out.  In addition to new developments in Egypt, other factors that will affect Gold & Silver prices will be tomorrow’s non-farm employment report, and the release of the crude oil inventories.

Additional Precious Metal News:

• In 2010 China purchased over 510 tons of gold for jewelry, industrial utility, and investment; up 28.48 percent year on year.
• Gold equities and funds were substantially higher today, a bullish sign for the metals.
• While inventories of GLD (paper gold), the largest Gold EFT, declined by over 53 tonnes last month, the physical demand for gold is picking up in the U.S.