Stock and bond markets both experienced rugged rides in January. The end result was market gains for most sectors. Gains were more modest in the bond market as U.S. Treasury bond yields rose modestly, leaving any positive return to credit spreads. Among stock sectors, foreign stock returns far outpaced U.S. stock returns. With the exception of the last trading day of the month, gold and silver prices pushed sharply higher. The one-day sell-off was as dramatic as the cumulative gains of the prior 20 days. As often is the case with precious metal price movements, little informational content of value is to be found in fundamental analysis while much is to be gained in technical analysis.