Gold Spot Price Open: $1,244
Gold Spot Price Close: $1,254
Change in Gold Spot Price: +$10
Silver Spot Price Open: $19.78
Silver Spot Price Close: $20.07
Change in Silver Spot Price: +$0.29
Friday was another quiet day at the office as far as trading volumes are concerned, though this is to be expected the day after one of the United States’ biggest holidays of the year. When the day was finished, gold picked up about ten dollars while silver gained closer to thirty cents.
Precious metals were helped today by both a lower US Dollar index as well as short-covering by investors. As we bring November to a close and look ahead to December, many investors and market experts are gearing up for the increase in speculation regarding the future of Quantitative Easing that will take place in the coming days and weeks. This December’s FOMC meeting is fast-approaching, meaning it is only a matter of weeks before we (hopefully) receive a clearer picture with regard to Quantitative Easing and its possible tapering.
In other news, tensions over a grouping of islands in the East China Sea are beginning to heighten after a recent flurry of military aircraft activity from a few different nations, including the US. The uninhabited islands are and have been the cause of controversy for Japan, China, and Taiwan; all of which have, at one point or another, claimed ownership of the islands. A more recent measure instituted by China demanding that all aircraft flown over the islands’ airspace identify themselves has caused the US, Japan, and South Korea to defiantly send aircraft into the airspace and refuse to identify themselves. While this story is still unfolding and is, at this point in time, only a minor incident, investors are going to pay attention as any escalation of tensions in the region will likely prompt a renewed interest in safe-haven precious metals investments.
