Gold Spot Price Open: $1,196
Gold Spot Price Close: $1,203
Change in Gold Spot Price: +$7
Silver Spot Price Open: $19.29
Silver Spot Price Close: $19.46
Change in Silver Spot Price: +$0.17
Precious metals made some minor gains to close out what has been a pretty dismal week for both gold and silver. When all was said and done, gold picked up 7 dollars while silver gained closer to twenty cents.
Today offered a bit of respite for precious metals after declining rapidly on Thursday. Though gold gained almost ten dollars, it is still down about 2.5% on the week, a substantial loss. Now that gold is at such a reduced value it will only make sense that we begin to see bargain hunters driving up the price a little bit come early next week. As the end of the year approaches we are able to reflect back on what has, thus far, been the worst single year performance by gold in over 3 decades.
If the Fed pursues the continued reduction to QE that they alluded to earlier in the week gold and silver’s nightmarish last few months may not be quite over. The US economy continues to look strong and is showing very few signs of weakness, a good sign for members of the Fed that are in favor of more drastic tapering. As the economy is viewed in a more favorable light by investors they will not feel the need to safeguard their assets as heavily and thus will not necessarily need large gold and silver holdings.
Friday offered few major economic or geopolitical news stories from around the world which is why Friday’s trading atmosphere was quieter than normal. Next week is shaping up to be a fairly quiet week, meaning it will be hard for gold and silver to make any substantial gains stemming from anything other than bargain-hunting buying, though even bargain-hunting will not help spot values all that much.
