Gold Spot Price Open: $1,215
Gold Spot Price Close: $1,197
Change in Gold Spot Price: -$18
Silver Spot Price Open: $20.19
Silver Spot Price Close: $19.64
Change in Silver Spot Price: -$0.55
Gold and silver declined a bit on the first day of what is expected to be another slow week of trading. When the day was through gold declined back below the $1,200 threshold by losing about 18 dollars while silver declined by a little more than a half dollar.
Due to the New Years holiday falling right in the middle of this week, trading volumes are once again expected to be light for most of the 5 day session. As is the case with any holiday trading interruption, trading will be subdued and likely more erratic than normal. While today’s decline in value posted by both gold and silver may seem a bit unnerving, the holiday trading atmosphere likely has a lot to do with it.
Economic data for the week is also expected to be light as we roll the calendars over to the new year. With just over a day left in 2013, it is only right that we reflect on 2013 with regard to gold and silver price movement. To be fair, 2013 wasn’t exactly a positive year for those who have or had significant gold and/or silver holdings. In fact, gold is on course to post its single worst annual loss in over thirty years. At the present moment in time, gold has lost well over $400 on an annual basis while silver is only a few dollars away from having lost half its value.
With further Quantitative Easing reductions potentially just around the corner, many are beginning to think that the first parts of 2014 will not bode well for precious metals. In addition to the possibility of further QE reductions, investor risk-appetite is currently at one of its highest points of the year. With nearly every investor seeking to put their money into US stocks, gold and silver are suffering from a bit of neglect as of late. While subdued spot values have brought out bargain-hunters, physical purchases of gold and silver have not translated into an uplift in precious metals spot values, at least not yet.
