Gold futures continued a record-breaking rally, driven by safe-haven demand stemming from geopolitical tensions in the Arctic and sovereign debt concerns in Japan. Central bank activity provided further support, with Poland and Bolivia increasing gold reserves. Conversely, Silver futures declined, pushing the gold-silver ratio wider, even as retail demand in India and Turkey caused shortages of physical coins and small bars. Market participants also monitored the U.S. President's address at Davos and Federal Reserve interest rate expectations during the central bank blackout period.