Gold Spot Price Open: $1,651
Gold Spot Price Close: $1,649
Change in Gold Spot Price:-$2
Silver Spot Price Open: $30.47
Silver Spot Price Close: $30.22
Change in Silver Spot Price:-$0.25
Both gold and silver remained relatively flat on Monday as many investors are cautious after hearing news of a possible change in fiscal policy last week. Gold dropped about 2 dollars while silver slipped to the tune of 25 cents on a day where many were interested to see if the Fed’s plan of Quantitative Easing is going to continue strong or be brought to an end shortly. If QE is done away with gold and silver investors alike can expect a dip in the price of the metals as people will turn away from them as a safe-haven for their assets.
The news out of Europe was not too promising either as the economic situation continues to worsen, exemplified in the fact that Spain has now gone a full year without seeing unemployment rates dip below 25%. This 25% mark is truly abysmal and means that Spain has one of the most toxic economies in all of the eurozone. Spain is not the only struggling economy either as a financial crisis has enveloped mostly all of Europe for what seems like far too long of a time.
As Obama and Congress hash out the remaining details of the fiscal cliff negotiations we will keep you updated because they will likely have implications on the price of precious metals.
