Gold Settles $9.50 Higher … ($1392.70)

Today’s February (Globex) contract traded in a volatile $14.50 range as news from the European Union continues to fuel the U.S Dollar’s recent strength as well as sending savvier global investors into Gold and Silver as alternative “safe havens” investments. The fragility of the euro region has many traders as well as investors buying the precious metals in order to protect their wealth as Gold and Silver have a long history of retaining their value better than most commodities during times of crisis…

Today Fitch cut Ireland’s credit rating from A+ to BBB-…this is just three levels above non-investment grade. There was a rumor early in the session that there was extreme opposition in Ireland to accept the bail-out package as is…. The Irish have imposed very stringent measures in order to receive the present bail-out package from the European Union and IMF (International Monetary Fund) jointly. The current measures imposed have not been well received….