Gold Spot Price Open: $1,211
Gold Spot Price Close: $1,207
Change in Gold Spot Price: -$4
Silver Spot Price Open: $16.47
Silver Spot Price Close: $16.56
Change in Silver Spot Price: +$0.09
Gold and silver spot values finished the day mixed, but never really ventured too far from where they opened. When all was said and done, gold lost about 4 dollars while silver managed to gain almost ten cents. Platinum and palladium both finished the day in the green, but only improved by slim margins.
European Central Bank Meeting Takes Center Stage
Ever since the middle of last week, investor interest in today’s European Central Bank policy meeting began spiking. The reason for this was due to a growing belief that some sort of policy change would come in the wake of today’s meeting. Specifically, some of the market was expecting the European Central Bank to announce the implementation of quantitative easing measures in an effort to drive economic growth. After ECB president Mario Draghi alluded that QE measures were still a definite possibility for the European Union, the global population of investors put a lot more weight on this week’s meeting.
Unfortunately, however, not only did the ECB not announce the implementation of QE measures today, they also left interest rates unchanged for yet another month. Draghi’s more dovish post-meeting comments helped the Euro add some value today. What was made known today, however, was the ECB’s intent on making some changes to monetary policy in and throughout 2015’s first quarter. This, of course, is when the market is anticipating that a solid plan for quantitative easing will be unveiled. Like interest rate hikes in the US, the world knows that QE measures are in store for Europe, but very few people can pinpoint when exactly those measures will be enacted.
US Jobs Report Interests the Market
This week was always one that saw the market’s focus fall on the European Central Bank meeting, but Friday’s US jobs report for November might be the most important piece of economic data investors will receive all month. The US Labor Department’s non-farm payrolls report is always an important piece of data, but this time it is even more important simply due to the fact that October’s employment data fell so far short of expectations.
Like last month, polled experts and analysts are expecting to see at least 230,000 new jobs having been added to the US economy during November. If tomorrow’s job figures fall short of expectations, you can expect that the market will react accordingly. Last month, the weaker than expected employment report provided precious metals with a short-lived boost.
Putin Lashes Out on West
Russian president Vladimir Putin recently blasted the United States and other Western nations for the sanctions they have imposed that are severely crippling the Russian economy. The Ruble is now trading at record lows and with crude oil continuing to struggle, the Russian economic system may continue to struggle for some time to come.
Crude oil is one of Russia’s biggest exports, and with prices at multi-year lows, the one bright spot of Russia’s economy is really nowhere near as bright as once thought. It will definitely be interesting to see what steps the Russian government takes in order to attempt to reverse their recent economic downturn.
Wrap-Up
Though the week is almost finished, there is still plenty for investors to look forward to. Tomorrow’s US employment report will definitely consume the market for the latter part of the day and reaction to the data will undoubtedly carry into next week as well. Whether the jobs data beats or falls short of expectations will ultimately decide how metals finish the week tomorrow.
