Gold Spot Price Open: $1,729
Gold Spot Price Close: $1,727
Change in Gold Spot Price:-$2
Silver Spot Price Open: $32.40
Silver Spot Price Close: $32.55
Change in Silver Spot Price:+$0.15
Tuesday marked another relatively stagnant day for both gold and silver as gold lost about two dollars and silver picked up only 15 cents. The story is the same today as it has been the past few days and with the approaching fiscal cliff many people are turning to gold and silver as a way of maintaining their assets. While this week may still be up and down for gold and silver the next few months are hinting towards a positive trend for both metals that will hopefully see gold eclipse and maintain the $1,800 mark.
Tuesday marked the first time in a while that we have heard some good news coming out of Greece as the Greeks seem to have narrowly avoided slipping into default. They have done so by selling off enough Treasury Bills in order to make up some of the money owed to creditors but it is said that this is only a very temporary band-aid for Greece as more rough waters await them in the near future. Like we’ve said before, if the EU does not make big decisions quickly Greece’s economy may slip into even deeper trouble.
Moving forward we can expect some big bailout news out of Greece and more reports on how the situation in Spain is panning out as both events will have major implications on the price of gold and silver in the upcoming weeks and months.