Gold Spot Price Open: $1,372
Gold Spot Price Close: $1,383
Change in Gold Spot Price: +$11
Silver Spot Price Open: $21.23
Silver Spot Price Close: $21.49
Change in Silver Spot Price: +$0.26
Gold and silver closed out the week in impressive fashion ahead of what could be a very eventful next few days. When all was said and done, gold gained a little more than ten dollars while silver finished having picked up more than a quarter. For the week, spot gold has picked up more than $40/ounce while spot silver has added gains of more than fifty cents.
Going into the weekend, the whole of the investing world has its attention fixated on the crisis in Ukraine. A vote deciding whether Crimea will remain a part of Ukraine or rejoin the Russian Federation is scheduled to take place and it may have dire consequences. With Russia beefing up its military presence along its border with Ukraine and putting its military on high alert, many are fearing that tensions soon might spill over into armed conflict.
The US, which has already placed some sanctions upon Russia and some Russian individuals, has been lobbing ultimatums Russia’s way in an attempt to try and rally support from a larger contingent of European nations. At this juncture it really seems that Sunday is the day to watch as there is no real way of telling how that day and the ones following it will play out. Spot gold and silver have benefited from increased tensions this week as investors are ditching riskier investments in order to put their money into a safer asset like gold or silver.
It is clear that Monday’s headlines will continue to be dominated by Ukraine, but come Monday, investors will be speculating more heavily with regard to the outcome of next week’s FOMC policy meeting. It is a widely held notion among market experts that the Fed will taper Quantitative Easing yet again this month, probably by another $10 billion.
