Gold Spot Price Open: $1,727
Gold Spot Price Close: $1,729
Change in Gold Spot Price:+$2
Silver Spot Price Open: $32.58
Silver Spot Price Close: $32.77
Change in Silver Spot Price:+$0.19
On Wednesday Obama spoke publicly about the upcoming “fiscal cliff” but his words did little in the way of altering the movement of either gold or silver. It was a modestly positive day for both gold and silver while gold gained 2 dollars silver was up almost 20 cents.
One important fact about the “fiscal cliff” that was discussed was whether the Fed should change economic policy based upon setting dates on a calendar or by looking at market trends and other data in order to make informed decisions about alterations to the money supply. Currently the Fed simply sets future dates for when interest rates rise and fall and many feel that this is an inefficient way of going about things.
The news from Europe was that the euro was making small gains against the US dollar and while there is still very much a crisis going on in Europe, it did not get any worse today. Many experts believe that Europe is heading for a deep recession and many others think that they are already in the midst of one but one thing we know for sure is that Europe is in some trouble economically.
Expect even more news out of Europe as Greece is soon to be making all the headlines once more with its impending bailout money.
