Posted on February 25, 2013
Gold Spot Price Open: $1,581
Gold Spot Price Close: $1,594
Change in Gold Spot Price: +$13
Silver Spot Price Open: $28.81
Silver Spot Price Close: $29.01
Change in Silver Spot Price:+$0.20
Despite much of Europe awaiting the results of Italy’s election, gold and silver both saw positive days to start the week. Gold was up about 13 dollars while silver gained two dimes.
Many European investors are hinging many of their next investment moves on the results of Italy’s elections which made for a relatively stagnant day for trading. The fact that gold was on a steady decline over the past week or two was enough to draw a large number of bargain hunters on Monday. With gold and silver at their lowest points in quite some time it would have been confusing if people hadn’t flocked to the more competitive prices.
As of now we have not heard any decisive news in who is the winner of the Italian elections but early word indicates that the results may not be favorable for investors across the continent, but especially in Italy. Even the slightest indications of economic uncertainty are enough to create a buzz for precious metals.
Other news out of Europe and the near East reports that Russia, Kazakhstan, Turkey, and Azerbaijan all increased their national gold holdings in January. Russia, the leader of the aforementioned group improved their stockpiles to the tune of almost 500,000 ounces. This news definitely supported the precious metals market, even if only by a little bit. There was some whispers of more poor economic data stemming out of China, but more succinct news is expected to be released by Friday.
Finally, US investors will anxiously await Tuesday and Wednesday of this week as the chairman of the Federal Reserve, Ben Bernanke, is to address Congress on the status and future of the US economy. Any type of news like this will always make the ears of precious metals investors perk up.