Posted on February 26, 2013
Gold Spot Price Open: $1,591
Gold Spot Price Close: $1,615
Change in Gold Spot Price: +$24
Silver Spot Price Open: $29.09
Silver Spot Price Close: $29.44
Change in Silver Spot Price:+$0.35
Gold and silver improved by respectable amounts for the second straight day as Tuesday saw even bigger leaps forward than Monday. When the dust had cleared on a busy second day of the week gold had picked up about 24 dollars while silver gained 35 cents.
When the marketplace opened precious metals investors were worried as some robust economic news dampened the mood. But all was well with the world once the Federal Reserve’s Chairman’s, Ben Bernanke, speech to Congress was released. There was a lot of reading to do for investors but once they could finally make sense of it all it became clear that Quantitative Easing will not be ending in the near future. This recent precious metals downturn was partly because of the fact that many investors started to believe that QE would come to an end.
The EU is still riddled with debt problems and now that the Italian election is complete sovereign debt will be on the top of everyone’s mind. Italians are looking to be headed for some tough times ahead as they are tasked with fixing a failing economy with little resources to do so. Many think that Germany, once again, will be pounded financially by countries who are in dire need of help.
Despite gold’s rise in the past few days, investors are nervous about the world economy as there are large parts of the world where economies are struggling immensely. Stay tuned because there is bound to be much more market-related news in the next coming days.