Daily Market Update 2/7/11

During today’s trading, crude oil prices were lower, the U.S. Dollar & Stock Market was higher, and gold traded higher in a very narrow range.

Gold closed at $1,351, up $1 in light trading with volume about half of last week’s levels. I continue to believe that Gold is building an excellent base in the $1,310 to $1,365 range, preparing for the breakout above $1,421.

Silver closed at $29.38, up $.24 for the day, trading was also light and in a narrow range. The news about China’s silver imports being up 300% in 2010 over 2009 levels, and record demand for US Silver Eagles, continue to be very bullish factors.

The value of the U.S. 10 year Treasury bill has declined for the sixth straight day, driving yields higher. This is happening as we continue to add more debt to the U.S. Budget deficit by selling another $72 billion in notes and bonds during the next three days. Visit http://www.usdebtclock.org/ for a scary daily update.

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