Gold Spot Price Open: $1,320

Gold Spot Price Close: $1,333

Change in Gold Spot Price: +$13

Silver Spot Price Open: $21.54

Silver Spot Price Close: $21.86

Change in Silver Spot Price: +$0.32

Gold and silver continued to build upon last week's impressive gains, even amid a quieter holiday trading atmosphere in the United States. When all was said and done, gold gained over 13 dollars while silver was up more than 30 cents.

Due to the holiday, economic activity in the United States was essentially nonexistent. As a result of the absence of any fresh inputs from a US economic standpoint, we can reflect on the recent progress of precious metals. Barely over a month ago, risk-appetite amongst investors was at all-time highs and interest in safe-haven precious metals was on the decline. Now, however, things have changed dramatically and metals have built significant momentum.

Currently, the spot value of gold is at its highest level since mid-October of last year. After the yellow metal fell nearly 30% in 2013, it is relieving for some that the spot value of gold is already up 10% this year. A weaker US Dollar as a result of a surging euro is also helping boost precious metals. Recent economic data out of the EU has been upbeat and the experts are pinning 2014 as a year of incredible growth for the region.

The purchase of physical gold and silver is on the rise, not only in the United States, but China as well. Being that China is the world's largest consumer of precious metals, hearing that physical demand there is up definitely bodes well for the outlook of gold and silver. Now, and as we head further into 2014, it will be very interesting to see if investors hold on to metals in hopes of long-term gains or if they will turn around and cash in on profits made thanks to the recent spike in value.