Gold Spot Price Open: $1,713
Gold Spot Price Close: $1,714
Change in Gold Spot Price:+$1
Silver Spot Price Open: $32.55
Silver Spot Price Close: $32.22
Change in Silver Spot Price:-$0.33
Gold and silver remained relatively motionless on Friday to conclude what has been a less than stellar week for both precious metals, but especially gold. The news in the US, as it has been and will be for quite some time, is the “fiscal cliff” and the myriad of repercussions it could have for all sectors of the economy. Whenever financial markets take a dive people tend to turn to gold as a safe place to store their assets, and if US fiscal policy maintains its current direction the demand for gold will inevitably increase, many experts believe.
Recently the world’s attention has been fixated on the rockets firing on Gaza in the Middle East. Currently the increased military action has done little to direct the price of gold in either direction, but many think that if violence does escalate, it would make for some ironically good news for the value of both gold and silver.
All in all gold seems to be holding its value, if nothing else, and so long as it can stay above the $1,700 mark most investors should be fairly pleased. Next week we will be primarily focused on a November 20th meeting in Europe to discuss the future of Greece’s lack of money and Spain’s lack of jobs. If no progress is made from that meeting it could have heavy implications on the stability of the European economy going forward. Keep in mind US markets will be closed next Thursday in observance of the Thanksgiving holiday.