Gold Spot Price Open: $1,697
Gold Spot Price Close: $1,698
Change in Gold Spot Price:-$1
Silver Spot Price Open: $32.41
Silver Spot Price Close: $32.37
Change in Silver Spot Price:-$0.04
Gold and silver both slipped a little bit further as we wrap up a disappointing week for precious metals. Gold was down just about a dollar while silver dropped only 4 cents. Most would see this as a day where the values of both gold and silver went unchanged, but both metals did enough slipping yesterday to account for a whole week’s worth of losses.
Eyes will be on Washington DC next week as politicians are still striving to reach a conclusion on spending and tax cuts (the fiscal cliff) before the Christmas holiday is upon us. If a more viable solution is not reached we can expect gold to suffer a little bit because the rise of gold’s value will be slowed down.
While this week proved to be bad in the end for most investors in the US, European markets fared quite differently. Since fresh bailout money was approved to be shipped on over to Greece a large-scale crisis was avoided and so too was a slip in the progress of Greece’s recovering economy. On the whole both European stocks as well as the euro had a good week and will look to improve on this week’s results at the beginning of next week.
Keep your eyes and ears open as any news related to the fiscal cliff may have major implications on gold and silver’s value going forward.
