Gold
manias,There were no surprises from FOMC meeting yesterday and gold rose 1% despite dollar strength and US equities remaining flat. One of the FOMC statement notes may prove important for gold's outlook and this was that the emergency liquidity facilities will be removed on 1st February, 2010. Asian and European equities have fallen today and risk aversion may soon reassert itself due the Greek and other sovereign debt risks. Greece's debt crisis appears to be escalating and Enron style accounting would appear to have been practiced with parts of the public sector lack double-entry book-keeping.

With systemic risk remaining, counter-party risk remains high and this will continue to lead to safe haven demand for gold bullion as it is the only asset that does not have third party liability. Gold started the night at $1,134/oz and has experienced a pullback to $1,124/oz since. Gold is currently trading at $1,125.00/oz and in euro and GBP terms, gold is trading at €784/oz and £698/oz respectively.

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Silver
Silver began the night at $17.60/oz and dipped sharply but it has since recovered. Silver is currently trading at $17.50/oz, €12.17/oz and £10.86/oz.

Platinum Group Metals
Platinum is trading at $1,445/oz and palladium is currently trading at $374/oz. While rhodium is at $2,425/oz

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