Posted on April 19, 2013
Gold Spot Price Open: $1,391
Gold Spot Price Close: $1,404
Change in Gold Spot Price:+$13
Silver Spot Price Open: $23.31
Silver Spot Price Close: $23.28
Change in Silver Spot Price:-$0.03
Gold picked up some nice gains on Friday, while silver sat idly by for the second straight day. At the end of the day Friday, gold had picked up about 13 dollars while silver was on the wrong side of three cents.
Most of gold’s gains today and yesterday can be attributed to the massive amounts of people out buying gold in hopes of getting a good price. We said it earlier in the week, that it was only a matter of time before the amount of purchases by investors who were bargain hunting would begin to add up into positive days for at least one of the precious metals.
As of now it seems as though consumer purchasing has pushed the price of gold upward. At the same time, silver is not as enticing of an offer as it has acted sporadically as of late. As demand for the yellow metal picks up out of Asia and North America, many are hoping that next week’s opening prices will be the result of a lot of purchases this weekend. No one really knows where gold and silver are going to go next week, because at the end of last week many people were positive that gold could not fall any further; they were wrong come this past Monday and Tuesday.
The G20 meeting that took place yesterday and today did little to move gold and silver, as it actually really didn’t accomplish anything. Too many G20 countries are dealing with their own problems which really makes it difficult for them to focus on any other issues, especially large-scale, global ones.