Gold Spot Price Open: $1,714
Gold Spot Price Close: $1,733
Change in Gold Spot Price:+$19
Silver Spot Price Open: $32.28
Silver Spot Price Close: $33.16
Change in Silver Spot Price:+$0.88
Gold and silver saw nice gains on Monday as the beginning of a new week is already looking better than the end of last week. Gold was up nearly twenty dollars while silver almost increased by a single dollar. Because a deal that would see the US avoid the “fiscal cliff” seems a more promising prospect now, both European and US markets are doing significantly better than they were last week. The proposed deal would help the US avoid a slew of spending cuts and tax increases that very well might have led to another recession.
As tensions in the Middle East, specifically the Gaza strip, increase so to will the demand for gold; this is a belief held by many financial experts. While many are hoping for a peace between Israel and Palestine, few are holding their breath as the likelihood of a ground war increases each and every day. The only glimmer of hope lies in the fact that Israeli and Egyptian officials met today to discuss how to go about reducing the tension in the region.
We will be paying close attention to the Middle East over the next week and for as long as it may have direct implications on the value of gold and silver going forward.
