Gold Spot Price Open: $1,245
Gold Spot Price Close: $1,245
Change in Gold Spot Price: NO CHANGE
Silver Spot Price Open: $20.01
Silver Spot Price Close: $19.92
Change in Silver Spot Price: -$0.09
Gold and silver did very little moving to close out what was yet another disappointing week. When all was said and done, gold ended up not moving at all while silver lost only about 9 pennies.
Gold and silver were not helped during a quiet Friday as investors continue to mull over and speculate about the future of monetary policy in the US. This week emitted some bearish FOMC minutes which ended up putting even more downward pressure on precious metals than had existed over the course of the past two weeks. Though the FOMC minutes indicated that many members of the Fed were in favor of reducing Quantitative Easing sooner rather than later, investors were left to wonder whether that means QE will be tapered at this December’s FOMC meeting or whether the monetary policy will have to wait until 2014 until it undergoes any changes.
If tapering is not announced at this upcoming December FOMC meeting, the hope is that the FOMC will at least shed some sort of light on when QE will eb changed. After all, the minutes also indicated that the FOMC wants to be more clear and direct with the public when it comes to policy changes.
Next week is likely going to be a quiet one as the latter part of the 5 day session will see Americans absent as they celebrate the Thanksgiving day holiday. There is little doubt, however, that the marketplace will continue to focus on Quantitative Easing and everything having to do with it.
Investors will also be hoping for some inputs from other markets that are something other than bearish or hawkish for precious metals.
