Gold Spot Price Open: $1,204
Gold Spot Price Close: $1,223
Change in Gold Spot Price: +$19
Silver Spot Price Open: $19.52
Silver Spot Price Close: $20.07
Change in Silver Spot Price: +$0.55
Gold and silver posted some solid gains to kick off the new year. When all was said and done gold gained close to 20 dollars while silver made gains of a little more than a half dollar.
Investors made their way back to the marketplace on what was the first official trading day of the new year. The bullish run by US stocks seems to finally have settled down as investors rebalance their portfolios to begin 2014. A lot of investors were seen cashing in on gains they made during the Dow and S&P 500’s respective runs and then immediately allocating some of those funds into the precious metals market. Depressed gold and silver spot values are enticing to investors who think that the two metals have nowhere to go but up.
Also seen today was a noticeable increase in physical precious metals purchases around the world, especially in Asia. As we close in on the final day of the week it will be interesting to see if gold and silver will manage to build upon these gains or not.
Few new inputs will be available to manipulate the marketplace tomorrow on what is expected to be a wholly normal day of trading. Now that we have finally made it to 2014, investors are going to need to pay more attention to the geopolitical atmosphere in the United States. February, as far away as it may seem, is on the horizon, and with the debt ceiling deadline fast-approaching US lawmakers are going to be in the spotlight for the next few weeks. The last time we heard about the debt ceiling was back in October during the government shutdown, and even though a deal was reached more than 2 months ago, that deal was only temporary and is set to expire in February.
