Gold Spot Price Open: $1,580
Gold Spot Price Close: $1,594
Change in Gold Spot Price: +$14
Silver Spot Price Open: $28.91
Silver Spot Price Close: $29.19
Change in Silver Spot Price:+$0.28
At the end of the day on Tuesday, many investors were happy to see that gold and silver rebounded after quite some time of stagnant and negative results. When all was said and done gold had picked up about 14 dollars while silver improved two pennies shy of 30 cents.
The US produced little news relevant enough to push metals one way or another but investors on this side of the Atlantic were happy to see that gold and silver finally saw a positive day. Perhaps the reason that metals saw a jump forward today was because investors are no longer as eager to participate in as many high risk endeavors as they were only last week. This was indicated by the fact that US stocks finished down today.
Despite a worse outlook on stocks in the US, the US dollar has retained its impressive standing. As a matter of fact, the USD hit a 3+ year high against the Japanese Yen, whose value is sinking due to recently enlisted monetary policy. Many experts also hold to the thought that the USD can continue to trend upward.
News out of Europe is that their economic situation is not getting any better, as seen by the head of Germany’s largest bank stating that he does not feel like other EU countries are doing enough to combat a crippled economic atmosphere. A large blame being placed on Europe’s struggling economy is that no nation is taking the first step to solve the problem. Until some actual action is taken Europe’s economy will be, for the most part, subdued.
