Gold Spot Price Open: $1,615
Gold Spot Price Close: $1,609
Change in Gold Spot Price:-$6
Silver Spot Price Open: $29.28
Silver Spot Price Close: $28.85
Change in Silver Spot Price:-$0.43
Gold and silver both had dismal days on Friday which turned a half-decent week into one that is likely going to be forgotten quickly. At the end of the day gold finished down roughly 6 dollars while silver was seven cents shy of losing a half dollar.
The main focus for this upcoming week is still going to be the situation going on in Cyprus. A bailout solution needs to be reached but as of now there are no viable solutions on the table. The plan to tax bank accounts in order to assist funding the bailout was shot down by both the government and every day Cypriots but that just brings us back to square one with no plan at all. Cyprus is suffering more than most other European nations and even though they are a small part of the EU, the group as a whole cannot afford the nation to suffer anymore.
US stocks saw a good day on Friday as investors are turning their attention away from Europe and focusing more on a thriving US economy. Speaking of the US economy, stocks and the dollar survived yet another week without taking too many big hits in value. With economies all over the rest of the world struggling to stay consistent, or even see one good day a week, investing in the US is becoming more and more of an enticing prospect for investors; especially those seeking short-term returns.
