Gold Spot Price Open: $1,354
Gold Spot Price Close: $1,345
Change in Gold Spot Price: -$9
Silver Spot Price Open: $22.59
Silver Spot Price Close: $22.58
Change in Silver Spot Price: -$0.01
Gold and silver did minimal moving on Tuesday, as profit-taking was to blame for preventing gold and silver from making any substantial gains. When all was said and done, gold lost roughly 9 dollars while silver remained about even on the day.
The Federal Open Market Committee meeting kicked off today, though it will not conclude until midday tomorrow or thereabouts. This meeting is unique when compared to recent FOMC meetings due to the fact that Ben Bernanke, Federal Reserve chairman, will not be making any post-meeting statement, nor will he be answering any media inquiries. The FOMC on the other hand, will release a statement in regards to what their meeting was about and what its outcomes are. As of now it is anticipated that the FOMC will not touch Quantitative Easing, but this will not keep the speculators from speculating.
The best piece of information an investor can hope to gather from the FOMC’s statement is whether or not there are any clues about when they will alter monetary policy. With that being said however, many market experts do not believe QE will be touched until the end of 2014’s first quarter, at the earliest. This belief has caught wind and is, as of now, an underlying bullish factor for most raw commodities, but especially gold and silver.
There was quite a bit of economic data due out on Tuesday, the marquis piece of data being the consumer confidence index for October. As most guessed, consumer confidence was weaker, most notably during the government shutdown. This news was positive for precious metals though it did not end up having any real affect on either gold or silver. The US Dollar is beginning to slowly climb after suffering hefty losses over the past few weeks.
