Gold Spot Price Open: $1,276
Gold Spot Price Close: $1,283
Change in Gold Spot Price: +$7
Silver Spot Price Open: $20.92
Silver Spot Price Close: $20.69
Change in Silver Spot Price: -$0.23
Gold and silver experienced mixed results on Wednesday, though neither metal did much moving by the time things were all said and done. At the end of the day, gold actually gained about 7 dollars while silver lost close to a full 25 cents.
There were few new events or economic data to talk about on Wednesday, and with the same expected for the duration of the week it is not expected that gold nor silver will make any large movements in either direction. Now, the main conversation amongst investors is when the US Federal Reserve will initiate its tapering of Quantitative Easing. Due to the recent run of strong economic data out of the United States, it seems as though the FOMC may end up tapering QE before the end of the year after all.
Many experts and investors are looking towards the December FOMC meeting as the likely time QE will be altered, if it is going to be altered at all this year. There is no concrete evidence to verify the Fed’s possible tapering of QE before the year’s end, but if economic data out of the US remains as strong as it has been the past week and a half anything is possible.
In other news today, the Bank of England announced that it may raise interest rate sometime in the latter stages of 2015. Despite this move being almost two years away, a rising of interest rates in 2015’s third-quarter would come three-quarters of a year before the Bank of England originally planned.
This week is shaping up to be another downtrodden one for gold and silver mostly due to the fact that the US Dollar remains strong against other currencies. As the speculation with regard to QE tapering rages on, we and the whole of the marketplace will pay especially close attention to any statements made by members of the Fed.