Gold Spot Price Open: $1,310
Gold Spot Price Close: $1,318
Change in Gold Spot Price: +$8
Silver Spot Price Open: $21.68
Silver Spot Price Close: $21.87
Change in Silver Spot Price: +$0.19
Gold and silver posted small gains as what were once bearish outside forces are becoming more bullish. When all was said and done, gold gained about 8 dollars while silver made gains just shy of 20 cents.
The fate of tomorrow’s European Central Bank meeting has been more or less decided for the past few days. Prior to today, the widely help belief was that the ECB would cut interest rates in an effort to spur economic growth. Due to recently reported low inflation rates many felt as though this week’s meeting would have no other possible outcome than the cutting of Europe’s key interest rate. Now, however, more and more experts are beginning to believe that the key interest rate will not be touched this time around. Nonetheless, the euro currency continues to decline in value while the US Dollar and European stocks flourish due to the public still hanging on to the belief that the ECB will make a major policy shift this week.
In other news, the president of the San Francisco Federal Reserve bank, John Williams, made a statement saying that he wants to see more positive economic data out of the US before the FOMC decidedly tapers QE. This injects a small shred of doubt into the notion that the FOMC may still reduce QE before the end of 2014.
Finally, the last piece of economic data for investors to chew on this week will be October’s employment report. It is presently expected that non-farm payrolls will have risen by about 120,000. This report, along with any other major US economic reports, will help shape how investors feel about when and by how much the Fed will taper QE.
