Gold Spot Price Open: $1,606
Gold Spot Price Close: $1,614
Change in Gold Spot Price:+$8
Silver Spot Price Open: $28.98
Silver Spot Price Close: $28.96
Change in Silver Spot Price:-$0.02
Gold sees yet another day of positive movement while silver remains stagnant on the day. Silver lost about two pennies while gold was able to manage a gain of about 8 dollars.
The main thing on the minds of investors all over the world today was the ongoing bailout situation happening in Cyprus. Yesterday and the few days preceding it we saw hundreds of thousands of Cypriots withdrawing their bank balances because they feared the government would tax their account in order to help fund a necessary bailout. Because of all these people running to the bank, the government of Cyprus was forced to announce a bank holiday for the first part of the week.
While market places in Europe were very unpredictable, no other nations reported a mass withdrawal of funds from banks like was seen in Cyprus. In fact, early reports indicate that the Cypriot government actually shot down the EU plan where a bailout would only happen if private bank accounts were taxed. Still, banks remained closed on the tiny island as the bailout situation is being resolved.
Elsewhere in the world the Federal Reserve of the United States is set to have a meeting, which usually stirs investor activity, but since the notes were not released as of today things remained relatively quiet. There is no reason to believe that any monetary policy is to be changed, but we all know that this will not stop people from speculating. Investors need to resist jumping to conclusions before the notes are released and the meeting actually happens because this usually hurts all sides involved by creating an uncertain market atmosphere.
