Gold Spot Price Open: $1,212
Gold Spot Price Close: $1,214
Change in Gold Spot Price: +$2
Silver Spot Price Open: $19.90
Silver Spot Price Close: $20.12
Change in Silver Spot Price: +$0.22
Gold and silver posted minor gains yet again on Friday to close out what has been a mildly positive week for precious metals. When all was said and done gold picked up around two dollars while silver was able to manage gains just over twenty cents.
Though trading volumes were once again thin on Friday, it was one of the busiest days of the week. Investors can expect for a slow week next week as well thanks to the New Years holiday falling on Wednesday. The US economy is set to enter the new year on a hot streak while the same can not be said about precious metals as the last few months have proven to be some of the most detrimental of the whole year.
2013, at least at this point, is shaping up to gold’s worst single year in the past thirty. With QE already partially tapered and expected to be reduced even further in 2014, preliminary indications are not pointing towards a positive next year for precious metals. How next year may pan out for gold and silver is even harder to predict because the last two weeks of the year have been some of the slowest. As of now investors are in a stock trance and seem to be doing everything to quench their thirst for riskier, hopefully more rewarding investments.
Physical buying of precious metals may help bring the spot value up a bit, but physical buying alone is not going to get gold and silver out of the rut they are currently in. Perhaps by the end of next week trading across Western nations will go back to normal, at which point we hope to have a better idea of what to expect for gold and silver in the early stages of 2014.
