Daily Market Update 2/11/11

Today’s announcement of the removal of Mubarak as Egypt’s President did not have any dramatic effect on the precious metal markets.  Gold prices initially traded lower on the announcement but rallied back to over $1,360, caused by the uncertainty for Egypt and the Middle East in the coming months.
 
Gold closed at $1,359.20, down $1.30 for the day on good volume. Silver closed at $30.00, down $0.13 for the day, making it the fourth day in a row that Silver has stayed at $30 or above, very bullish for the metal.

Today’s Important News:
The Commerce Department reported the U.S. trade deficit widened by 5.9% in December to $40.6 billion, and that the trade deficit with China hit a record high $273.1 billion in 2010.