Both gold and silver have opened lower today based on renewed optimism out of Cyprus for a bailout, which would likely avoid the previously proposed tax on Cypriot bank deposits.
After both metals had surged on worldwide fear resulting from this unprecedented deposit tax, gold has dipped nearly $10 on the day to $1,607, while silver has fallen $0.58 to $28.70.
The final outcome of the situation remains to be seen, but markets have certainly reacted in an unfavorable manner for precious metals, as worldwide fear has been reduced substantially by the potential of the bank tax falling through. We will keep a close eye on the situation as well as its ramifications for metals prices, and keep you as up to date as possible.
OPM Snake Gold Bars
To complement our NTR Snake silver bars, we have recently added 1 oz Ohio Precious Metals Snake Gold Bars, which are currently in stock and ready to ship.
These bars commemorate 2013 as the Year of the Snake, and are composed of .9999 fine gold, weighing 1 troy ounce. Each bar ships in a CertiCard, in brand new condition, coming straight to us from the OPM Mint.
JM Bullion
