Gold Spot Price Open: $1,615
Gold Spot Price Close: $1,598
Change in Gold Spot Price: -$17
Silver Spot Price Open: $29.38
Silver Spot Price Close: $29.03
Change in Silver Spot Price:-$0.35
Gold and silver relinquished yesterday’s positive results by having a less than stellar day on Wednesday. When all was said and done gold was down about 17 dollars while silver lost by the same amount it gained yesterday, 35 cents.
Ben Bernanke officially delivered his speech to Congress today, and since the text of the speech was released yesterday, this had little effect on the price of metals. He reassured everyone that Quantitative Easing is not going to end anytime soon, news that not only boosted precious metals this week, but the US stock market as well.
What hurt gold on Wednesday was news that the US housing market is surging as of late. As opposed to the last year or more, people in the US seem to be taking a larger invested interest in purchasing property. And while investors banked on the fact that Bernanke’s speech would propel gold and silver forward, Wednesday’s decline put a damper on that hope. With that being said, most investment and market experts think that the continued monetary policy being employed by the Fed will be more than beneficial for precious metals going forward. This is especially true because word on the street is that the Fed is also planning on simply printing more and more dollars. The more money that is pumped into the economy, the better the outlook on precious metals becomes.
Europeans are still apprehensive of their debt problems and how they are going to face them. The Italian elections did little to support confidence in the euro zone and as a bond auction went on today, the investment eye of Europe was yet again fixated upon Italy. More news from Europe is bound to be released within the next few days as the situation is seemingly about to boil over. Despite all of the worries surrounding Europe, the euro and a large part of European stocks were able to see positive days on Wednesday.
