Posted on February 22, 2013
Gold Spot Price Open: $1,579
Gold Spot Price Close: $1,581
Change in Gold Spot Price: +$2
Silver Spot Price Open: $28.80
Silver Spot Price Close: $28.79
Change in Silver Spot Price:-$0.01
Gold and silver remained relatively flat on Friday as investors finally saw the end of a terrible week for gold and silver. When all was said and done on Friday gold was up about two dollars and silver was down to the tune of a penny.
The reason gold and silver did not perform as well as they have in the past few weeks is because the US Fed has announced that it may stop pumping money into the economy which was bad news for precious metals. With such poor results this past week, one would be inclined to think that there would be a lot of people purchasing the metal. This was true but the demand due to falling values of precious metals was not enough to halt their decline.
Investors are in dire need of some good news for precious metals and we hope that next week can bring that about.