Gold Spot Price Open: $1,184
Gold Spot Price Close: $1,200
Change in Gold Spot Price: +$16
Silver Spot Price Open: $15.87
Silver Spot Price Close: $16.37
Change in Silver Spot Price: +$0.50
Gold and silver opened the day up making gains, and by the time things were all said and done were able to build upon and, in the end, hang on to those gains. Gold managed to add more than 15 dollars while silver was able to appreciate by more than 45 cents. Platinum and palladium both added some marginal value as well today.
Gold, Silver Benefit From Greek Anxiety
As it was reported on Monday, the parliament of Greece rejected the Prime Minister’s latest candidate for election. In addition to the latest candidate being shot down, the parliament of Greece has called for a general presidential election to be held sometime during the early parts of 2015. Though this does not seem like news that is of any major concern to investors, the reality of the matter is that the person who is elected president of Greece will have a direct hand in determining where the country heads economically.
As of now, investor anxiety is stemming from a growing belief that an anti-bailout candidate will be elected by the public. Of course, a lot still needs to happen for this to be the case, but you can already see the market acting out of anxiety and becoming just a bit more interested in safe-haven precious metals. On top of it all, apart from the situation in Greece there really isn’t much for investors to focus on with this being an abbreviated holiday week.
Stocks Fall, Allow Gold to Gain
Falling energy shares set the tone for a day of losses for US equities. Thanks to stocks falling from record highs, the spot values of gold and silver were able to capitalize and add a decent amount of value before what is shaping up to be an inevitably quiet day on New Year’s Eve tomorrow. Despite today’s losses, equities in the US have performed well as of late and will end the week having a positive 2014 to reflect upon.
Tough Year for Gold, Platinum
As we bring 2014 to a close, it is only right that we reflect on what happened in the precious metals market. For those who have kept up with the news, it is no secret that the producers of gold and platinum were hit pretty hard this year.
For one, platinum producers not only had to contend with a declining platinum price, they also had to deal with a strike that saw much of South Africa’s mining workforce away from the job for a few months. While the strike itself more or less halted production, the conclusion of the strike left producers forced to pay higher wages, of which they can barely afford.
Producers of gold also had to contend with the declining value of the metal. With less profit being derived from the metals which they produce, it is clear to see that 2014 was particularly hard on the producers of investing metals. With a market as bearish as this one, it is likely that producers will continue to suffer as there are little to no factors on the horizon that lead us to believe the spot values of metals will be on the end of bullish support anytime soon.
Wrap-Up
Gold and silver managed to make some decent gains today, and that is perhaps the perfect way to close out the year. As we look ahead to the early parts of 2015, you can expect a boatload of year-end economic data to be released from a variety of different nations. Though this week was quiet, the weeks that lay ahead will likely not be.
