Posted on February 19, 2013
Gold Spot Price Open: $1,610
Gold Spot Price Close: $1,605
Change in Gold Spot Price: -$5
Silver Spot Price Open: $29.98
Silver Spot Price Close: $29.50
Change in Silver Spot Price:-$0.48
As the US took Monday off to celebrate the Presidents Day holiday, Tuesday trading picked back up in disappointing fashion for precious metals. At the end of the day gold was down about 5 dollars while silver was down 2 cents shy of a half dollar.
Continued sell-offs from last week coupled with a US dollar that seems to be holding its own, precious metals had little opportunity to make positive moves. China is back in action this week and even though that usually means an increased demand for precious metals, there has been no sign of such activity. In fact, a more expensive housing market means that China may have seen the last of their days as a rapidly growing world economy.
European economies seem to be strengthening, even if only slightly, which gives a little bit of credibility to the sentiment that Europe will experience economic growth this year. Italian elections kick off this weekend and many Italian and European investors are anxiously awaiting the results of this election as it is likely to have big implications on Italy’s economic outlook going forward.