Gold Spot Price Open: $1,340
Gold Spot Price Close: $1,331
Change in Gold Spot Price: -$9
Silver Spot Price Open: $20.31
Silver Spot Price Close: $20.01
Change in Silver Spot Price: -$0.30
Precious metals spun their wheels to begin the week thanks to some profit-taking in conjunction with a keener risk-appetite on the part of investors in the US and around the world. When all was said and done, gold lost close to 10 dollars while silver conceded more than 25 cents. Platinum and palladium did not exactly perform well to begin the week, however neither metal finished too far from where it began.
Equities Open Higher
To begin the new week, stock markets around the world were stronger as risk-appetite continues to gain some momentum. This was interesting because of events that happened in Turkey last Friday. According to multiple news outlets, a small selection of the Turkish military attempted to forcibly overthrow the democratically-elected government. All through the night Friday, reports and videos from cities all around the country streamed in. Though the coup attempt was not successful, more than 290 people were killed and the country was left in shock. Unfortunately for gold and silver, this piece of news did not have any major or lasting effect on the global marketplace. At first, there was a strong sense that safe-haven demand for metals would be created by further instability in Europe, but such did not prove to be the case.
Across the globe, stock markets have fared better over the past few weeks and are moving higher and higher with each passing day. With that being said, however, there is still a lot of indication that precious metals are still ahold of a lot of momentum and will be looking to carry that further into the summer. As we head closer to the last few days of July and the month of August in general, investors the world over will be looking for a slowdown on the part of economic data. This time of year sees things slow down, and that will more than likely last all the way until the first few days of September. For gold and silver, hanging on to what momentum they currently have will be crucial once things become slower.
Republican National Convention Kicks Off
Something that can be described as noteworthy, but has thus far had very little impact on the global marketplace, is the kicking off of the Republican National Convention in Cleveland, Ohio. With Donald Trump the presumed candidate of the party, there really isn’t much in the way of big headline-making stories expected to emerge from this year’s event. Still, with recent events in the US, including the recent police killings in Baton Rouge and Dallas, there will be extra special attention paid to the security of the event as well as protests, which are planned.
We will be keeping a close eye on this convention throughout the whole of the week and will be passing along any and all pertinent information.
Wrap-Up
All in all, Monday was a rather slow day across both the US and global marketplaces. As was mentioned just above, things are really slowing down due to this being the summer doldrums—a time when many people are away from work and on vacation. As we head further into the week, there is not much of any indication that the speed of the economic data stream will pick up at all. Of course, the upcoming FOMC meeting will be called into focus, but with very few people expecting to see interest rates hiked this month, it is tough to imagine that the FOMC meeting will have any significant impact on the way investors think and act.
