Gold Spot Price Open: $1,613
Gold Spot Price Close: $1,609
Change in Gold Spot Price:-$4
Silver Spot Price Open: $28.97
Silver Spot Price Close: $28.87
Change in Silver Spot Price:-$0.10
Gold and silver both finished down on Wednesday after gold had seen a relatively positive first two days of the week. When all was said and done gold was down about 4 dollars while silver lost roughly ten cents.
While investors anxiously awaited a Federal Reserve Open Market Committee meeting, no big news stemmed from it. The headlining announcement stated that monetary policy would not change, a decision that was reached by an astounding vote of 11 to 1. Investors and market-watchers did not expect monetary policy to change for the United States, but in this kind of world economic atmosphere it really seems as though anything can happen.
The ongoing situation going on in Cyprus is at least being put to temporary halt as the government of the island nation decided that a bailout plan which included taxing private bank accounts was not for them. The news, which hit this past weekend, was enough to send Cypriots running to ATMs in order to withdraw their funds so that none of them were able to be taxed. With that situation being solved, the matter of a bailout for Cyprus still goes without an answer. The tiny nation is suffering more than a lot of other European nations and has been in need of a bailout for a long while. Then again, Cyprus is only one of many European nations that is in need of financial assistance.
Stay tuned for the rest of the week as it is likely going to have some major news out of Europe regarding Cyprus and the slew of other nations who are struggling to keep their heads above water in this tough economic climate.
