Gold Spot Price Open: $1,678
Gold Spot Price Close: $1,688
Change in Gold Spot Price:+$10
Silver Spot Price Open: $30.56
Silver Spot Price Close: $31.07
Change in Silver Spot Price:+$0.51
The first day of real trading had nothing but good news for silver and gold investors as both metals improved by a healthy margin. Silver picked up a penny over half of a dollar while gold was up roughly ten dollars. The main reason behind precious metals improving lies in the fact that government officials in the United States were able to reach a deal that will soften the effects of the fiscal cliff and the tax hikes and budget cuts that comprise it.
While it is good that some sort of deal has been reached, it is only a partial deal and in no way solves the whole problem. Many major decisions about spending and taxing were simply postponed which means that even though we may not have fallen off too large of a cliff today there is still a chance that the negative effects of tax increases and spending decreases will be felt sometime further down the line.
It was not only gold and silver that had a great Wednesday because the DOW Jones saw its largest single-day gain in more than a year. While Wednesday was a great day for nearly all types of investors it has little implications on how gold, and the stock market for that matter, will react going forward.
