Posted on February 15, 2013
Gold Spot Price Open: $1,634
Gold Spot Price Close: $1,609
Change in Gold Spot Price: -$25
Silver Spot Price Open: $30.30
Silver Spot Price Close: $29.83
Change in Silver Spot Price:-$0.47
Gold and silver both took huge dives on the last day of the week thanks to some news from the G20 meeting and from the US. At the end of the day gold was down about 25 dollars while silver slipped by roughly 47 cents, meaning silver has dropped almost a full dollar in the past two days alone.
The big news from the G20 was that the nations of the world are being urged not to drastically devalue their currencies in an attempt to gain an edge on another nation. These currency wars would be good for precious metals but now that the news has shifted and it looks like this won’t be the case, gold and silver both took a bit of a hit.
News out of the US was that the economy is continuing to improve. So long as the large world economies see improving conditions it is hard to imagine that gold will be able to run the scene consistently. Overall this was a disappointing week for precious metals, but there is always next week and the hope that gold and silver may be able to recover, even if only slightly.