Posted on February 28, 2013
Gold Spot Price Open: $1,598
Gold Spot Price Close: $1,581
Change in Gold Spot Price: -$17
Silver Spot Price Open: $29.01
Silver Spot Price Close: $28.56
Change in Silver Spot Price:-$0.45
Gold and silver slipped yet again on Thursday as there was little market news to push precious metals forward. At the end of the day gold was down another 17 dollars while silver was 5 cents shy of losing a half dollar. These mix-bag results as of late are really starting to confuse investors all over the world.
Even though the United States is facing a huge deadline on budget cuts and spending tomorrow, many US stocks performed very well both today and yesterday too. Obama is set to hold a discussion with some members of Congress tomorrow to discuss the Federal budget going forward. Typically, uncertainty about the future of a nation’s government spending is good for precious metals and bad for stocks, but over the past two days the results have been quite the opposite.
Even though there was no certain winner in Italian elections this past weekend, experts are claiming that this will have little affect on the debt crisis that is yet again making headlines in Europe. The sell-off of government bonds that happened in Italy yesterday appeared to be beneficial as both Italian and Spanish bonds fell every so marginally. The head of the European Central Bank, Mario Draghi, has expressed his confidence that not only is the debt crisis not as severe as it once was, but even that it is beginning to remedy itself.
While there is nothing major that is expected to affect the market place tomorrow, you should still tune in simply to see how this up and down week finishes.