Gold Spot Price Open: $1,598
Gold Spot Price Close: $1,607
Change in Gold Spot Price:+$9
Silver Spot Price Open: $28.78
Silver Spot Price Close: $28.71
Change in Silver Spot Price:-$0.07
Precious metals saw mixed results on Wednesday as silver took a bit of a fall while gold was almost up by double digit figures. By the time US trading closed Silver was down about 7 cents while gold was up 9 dollars to once more bring it above the $1,600 mark, even if by only a small amount.
The reason gold picked up a little bit today was likely still due to the situation in Cyprus. With people not able to trust their banks or their governing bodies, they turn to gold as a reliable place to put their money. Gains were once again muted by the US stock markets and the US dollar, which was at nearly 8 month highs on Wednesday. If the economy does cool off in the near future, gold’s value is likely going to go up fairly quickly due to all the economic problems going on in virtually every corner of the world.
With Easter fast approaching many market experts are predicting a slow end of the week but only time will tell if this sentiment turns out to be true. Some economists are even attempting to uncover early evidence that the US stock market may be slowing down, but for the moment this evidence is preliminary in nature. While the US economy will not be doing this well forever, it has experienced quite a sustained run of form which was, by most accounts, completely unexpected. We will be keeping a close eye on Europe for the remainder of the week as it seems to be a major source of precious metals news lately.
