Gold Spot Price Open: $1,242
Gold Spot Price Close: $1,243
Change in Gold Spot Price: +$1
Silver Spot Price Open: $19.97
Silver Spot Price Close: $19.92
Change in Silver Spot Price: -$0.05
Gold and silver both did fairly minimal moving on Tuesday as there were few fresh inputs able to push metals in one direction or another. On top of a lack of inputs, the market bears are still in control of the precious metals market which is making it almost impossible for metals to realize substantial gains. When the day was through, gold picked up about a dollar while silver lost roughly a nickel. The US Dollar saw a bit of a pullback today, something that lightened the constant downward pressure being placed on precious metals as of late.
Some economic data released on Tuesday included the latest report on US home sales which came in better than expected. This small bit of news was enough to knock gold off its daily high and keep it from making any gains worth talking about. The Thanksgiving Day holiday’s effects are already being felt by the marketplace in the form of sparser trading activity today. You can expect tomorrow to be an even quieter day as many Americans are taking the day off of work in order to get an early start on their Thanksgiving preparations and/or travels.
With no major news stories to report, we can take time to reflect on why gold and silver are having such a tough time making any substantial gains. Part of the reason can be attributed to a likely tapering of Quantitative Easing in the near future, though another major factor is the surging US stock market. With investors allocating their investing funds into riskier assets such as stocks, there is less investing money present in the marketplace to be placed into safer precious metals investments.
