Posted on February 06, 2013
Gold Spot Price Open: $1,674
Gold Spot Price Close: $1,679
Change in Gold Spot Price: +$5
Silver Spot Price Open: $31.89
Silver Spot Price Close: $31.88
Change in Silver Spot Price:-$0.01
Both gold and silver saw little change in value on Wednesday as precious metal traders produced an unusually quiet day. When all was said and done gold was up about 5 dollars while silver barely moved at all, ending the day down a single penny. Many traders wait in anticipation as the European Central Bank is set to begin meetings tomorrow.
Germany, as of late, has been in bit of an economic predicament but recent reports show that their manufacturing output has improved by almost a whole percentage point through this past December. While this news is good for the German economy, many varying types of investors express uneasiness about the immediate future of both Spanish and Italian economies. Spain’s economy is as bad as it has ever been and this, in conjunction with the recent political scandal allegations, is enough to make any investor turn their nose up at the thought of investing in anything Spanish. Italy, on the other hand, is facing imminent elections which is usually a quiet trading time for any nation when shifting powers.
The USD was looking a bit stronger on Wednesday but its move was not near enough to have any impact on gold or silver. Tomorrow should yield a fair amount of precious metals related news as meetings involving the European Central Bank usually do.