Daily Market Update 02/06/12

GOLD

A strong Dollar versus the Euro (caused by concerns of a pending Greek default) has caused a minor sell off in Gold.  But traders and analysts say gold’s outlook remains rosy as the uncertain global economic outlook will force central banks around the world to keep their monetary policies accommodative. At 11am PST gold is down $16.80, trading at $1,722.70 per ounce on a heavy volume of trading.

SILVER

In light of a 1% decline in Gold, Silver has been surprisingly strong. At 11am PDT, Silver is trading at $33.80, actually up $0.02 per ounce on an excellent volume of trades. Asian demand for the physical metal continues to grow, with reports of many retailers very low on popular silver bullion items.

The Current Gold/Silver ratio is now 50.96 to 1