Gold Spot Price Open: $1,734
Gold Spot Price Close: $1,729
Change in Gold Spot Price:-$5
Silver Spot Price Open: $33.17
Silver Spot Price Close: $33.20
Change in Silver Spot Price:+$0.03
After a strong start on Monday, both gold and silver took a bit of a step backwards on Tuesday. Gold lost about 5 dollars while silver remained almost stagnant having gained only 3 pennies.
Israel and Palestine have agreed to yet another ceasefire, and while many do not expect it to last long, it has was enough to slow the demand of gold and silver today. If the ceasefire holds many can kiss the thought of increased “safe-haven” demand fr gold goodbye, but realistically even in the midst of the heavy fighting last week the prices of gold and silver were only altered a small amount, if at all.
Chairman of the Fed in the US, Ben Bernanke, spoke about the heavily debated “fiscal cliff” and his plans for monetary policy going forward. Usually when Bernanke speaks about monetary policy the value of gold increases, but the vague nature of his discourse today can be seen in the relative calmness of both the price of gold and silver. The current policy of Quantitative Easing is going to be continued he said, and with no clear end date having been expressed, many gold and silver investors do not know exactly how to react to today’s information session.
Europe is taking this week to attempt to figure out how to deal with some of their debt as well as a way to keep peace, especially in places like Greece and Spain where protesters have been taking to the streets recently. Fortunately, it seems as though Europe’s leaders are close to a decision about how to tackle the growing debt that many of their nations are falling victim to.
