Gold Spot Price Open: $1,660
Gold Spot Price Close: $1,669
Change in Gold Spot Price:+$9
Silver Spot Price Open: $30.47
Silver Spot Price Close: $31.08
Change in Silver Spot Price:+$0.61
Gold and silver both finished Monday on positive notes which is in stark contrast to how both precious metals have started past weeks. Gold was up almost ten dollars while silver was up 61 cents. As the US economy seems to grow more and more unstable gold and silver will both continue to rise.
Today exemplified how an uncertain economic situation in the United States will lead to a boost in the price of precious metals because today two key issues are credited for giving gold and silver a boost. The first order of business that likely helped the price of precious metals was that more and more people are uncertain as to whether the Fed will continue to purchase bonds from the public or not. Bond purchasing has helped the US economy up to this point but lately it seems as though the Fed may change their outlook on bond-buying.
The second talking point is that while the “fiscal cliff” was officially avoided a week or so ago, we are not anywhere near out of the woods yet. If government officials cannot reach an actual conclusion on the future of the debt ceiling the economic atmosphere could be thrown into quite the tumultuous situation, one that is likely going to be beneficial for precious metals.
With that being said, early reports indicate that the US economy has a strong likelihood of growing a few percentage points in 2013. The success of the US is primarily dependent on the unemployment rate and whether it will continue to shrink or not.
