Gold Spot Price Open: $1,206
Gold Spot Price Close: $1,211
Change in Gold Spot Price: +$5
Silver Spot Price Open: $19.47
Silver Spot Price Close: $19.85
Change in Silver Spot Price: +$0.38
Gold and silver were both able to manage minor gains on Thursday as the trading marketplace continued to be quiet only a day after Christmas. When all was said and done, gold gained 5 dollars while silver picked up closer to 40 cents.
Trading volumes were thin and economic activity was at a minimum as most people were still out of their offices the day after the Christmas holiday. Most investors are not expecting things to pick up anytime soon as there is only one day left in this week. In addition to this week being slow, a majority of next week is also expected to remain quiet due to the New Years holiday falling on Wednesday. If trading goes back to normal at any time during the next week or so, it will not likely be until next Thursday or Friday.
China is reporting that its economy grew by over 7% on an annual basis in 2013. The 7.6% annual growth by the Chinese economy beat market expectations which were somewhere in the 6% range. Despite this positive news, the Chinese stock market actually declined as rapidly rising short-term interest rates are beginning to scare investors.
US stocks performed well for yet another day as bullish runs by both the Dow and the S&P 500 continued. At the present moment in time, investor interest in stocks is trumping interest in any other type of investment. Investor appetite for risk is at such a high point that the safe-haven qualities of gold and silver are being overlooked at every turn. Because the holidays are making for a quieter trading atmosphere it is unlikely that gold or silver will be able to post any gains much larger than the ones realized today.
