Gold Spot Price Open: $1,273
Gold Spot Price Close: $1,276
Change in Gold Spot Price: +$3
Silver Spot Price Open: $20.43
Silver Spot Price Close: $20.45
Change in Silver Spot Price: +$0.02
Gold and silver both finished marginally higher on Tuesday as investors are gearing up for a busy Wednesday highlighted by the release of the latest FOMC minutes. At the end of the day gold gained roughly three dollars while silver was up only a few pennies.
Today was just about as quiet as yesterday, but the anxiety of the marketplace is growing a day ahead of the busiest day of the week. Tomorrow the latest FOMC minutes will be released, and what those minutes have to say are of particular importance to investors of all types. Tomorrow is also being touted as the day where we will finally receive a clearer picture regarding the future of monetary policy, though it must be said that such may end up not being the case.
In addition to the FOMC minutes, tomorrow will offer plenty of economic data out of the United States as well. On the slate for tomorrow is the existing homes data, retail sales data, and the latest CPI reading. All of these reports stand the chance to alter gold and silver spot values, but it is more likely that the FOMC minutes will vastly overshadow any and all economic reports.
The final piece of today’s news worth mentioning is the fact that the European-based Organization for Economic Cooperation and Development has shifted its focus from Europe to the United States. Up until now, the OECD was focused on Europe’s many economic and sovereign problems, but they just recently announced that their organization will now be paying much closer attention to the US and its debt/monetary issues. The OECD also expressed a bit of confusion regarding the world marketplace’s undivided focus on the timing of the Fed’s reduction of Quantitative Easing. It is indeed interesting that the world marketplace continues to lock on to QE’s future, but with few other, major inputs for precious metals investors to talk about, it really shouldn’t be all that surprising.