Gold Spot Price Open: $1,246
Gold Spot Price Close: $1,231
Change in Gold Spot Price: -$15
Silver Spot Price Open: $20.21
Silver Spot Price Close: $19.93
Change in Silver Spot Price: -$0.28
Gold and silver were feeling the downward selling pressure all day as investors anxiously await the outcome of today and tomorrow’s FOMC policy meeting. When the day was through, gold lost about 15 dollars while silver lost closer to thirty cents.
As speculation with regard to the possible outcome of this week’s FOMC policy meeting rages on, it seems as though more and more investors are buying into the notion that the Fed will announce QE tapering sometime tomorrow afternoon. Despite most of the market being convinced that a tapering announcement will be made this week, there are still plenty of people who do not think tapering will become official until a month or two down the road.
As the market prepares for a downsizing of the United States’ easy monetary policy the overall risk-appetite investors have will undoubtedly grow. With almost no geopolitical uncertainty and a recently strong economy, the US stock markets are looking as appealing to investors as ever. Unfortunately for gold and silver investors, however, the growing risk-appetite exhibited by investors only means that more downward pressure is heading gold and silver’s way.
In other news from around the world, economic reports out of the EU show that inflation in the region, while rising, is still quite low. The inflation rate for November, on an annual basis, rose to .9%. In the nearby UK, inflation declined to its lowest point in almost five years this past November, dropping to just over 2%. Finally, to round up the news from Europe, an economic expectations report beat expectations by a large margin, adding further credence to the belief that Germany is one of the EU’s only positively performing economy.
