Gold Spot Price Open: $1,642
Gold Spot Price Close: $1,657
Change in Gold Spot Price:+$15
Silver Spot Price Open: $29.74
Silver Spot Price Close: $30.04
Change in Silver Spot Price:+$0.30
After both gold and silver took significant hits on Thursday, both metals bounced back slightly on Friday to end the week badly, but not nearly as badly as it could have been. Gold regained about 15 dollars while silver picked up 30 cents on Friday. While many still hold their focus on the fiscal cliff, other experts are starting to think that the lack of action in regards to the fiscal cliff has little to do with the extreme movement of precious metals lately.
Instead, many are looking at the improving US economy as a big reason why gold and silver are both at their lowest points in months. As the unemployment rate begins to fall and spending per household increases, people will have more faith in the USD and will feel the need to turn to precious metals less and less. So it is not the fiscal cliff that investors should be worried about necessarily, it is the improving economy and so long as it continues its improvement you can expect gold to stay at about the same level it is at now.
Hopefully next week will bring some improved news for investors as fiscal cliff talks heat up and as bigger, more lasting decisions are made it will be interesting to see how and if they affect the precious metals markets.
