Gold Spot Price Open: $1,607
Gold Spot Price Close: $1,616
Change in Gold Spot Price:+$9
Silver Spot Price Open: $28.83
Silver Spot Price Close: $29.21
Change in Silver Spot Price:+$0.38
Gold and silver both had positive days on Thursday as the eurozone did well to boost precious metals. At the end of the day gold was up just shy of ten dollars while silver improved to the tune of thirty eight cents.
The financial situation in Cyprus only gets stickier as banks in the country remain closed until next week. Russia is a major player in this situation as many of Russia’s high upper-class have their money sitting in Cypriot banks. The IMF as well as the EU are not happy about this because without Russian influence the bailout may have been already completed by now. Many investors still await a decision to be made by the government of Cyprus as well as the combination of IMF and EU officials. It seems as though the newest proposal will save bank accounts with funds lower than 100,000 euros, but bank accounts over that amount will likely be subject to a tax. It will be interesting to see how the elite, holding funds in Cypriot bank accounts, react to this measure.
As if the debt situation going on in Cyprus was not enough to bring down European stocks, more disappointing economic news out of the eurozone was one of the major headlines on Thursday. Both weak economic data and the ongoing situation in Cyprus have both been positive for gold, but no one knows how long this is going to persist.
Whether you have noticed it or not, gold has been improving consistently over the past few days, thanks to unsure investors all over the world. Only tomorrow will tell if this week ends up being a positive or negative one for precious metals.
