Posted on April 02, 2013
Gold Spot Price Open: $1,599
Gold Spot Price Close: $1,577
Change in Gold Spot Price:-$22
Silver Spot Price Open: $28.03
Silver Spot Price Close: $27.31
Change in Silver Spot Price:-$0.72
Gold and silver both got destroyed on Tuesday as silver investors rightfully fear the direction the metal has been heading lately. Gold was down a whopping 22 dollars while silver, over the past two days, has dropped just about a dollar. Silver lost about 72 cents on Tuesday.
Gold hit a near half-month low as a strong US dollar and lower than anticipated crude oil prices are partly to blame for precious metals’ dismal performance today. There was some US economic data released on Tuesday but it was just about what most people had expected and ended up not being too big of a factor in gold and silver’s decline. People have simply been selling their gold and silver reserves in light of a US economy that has been much more supportive of risk-taking; which is unlike anything we have seen in the last few years.
While it comes as no surprise, there was once again more bad news to report out of Europe. Manufacturing data was depressing yet again for the eurozone and it seems like forever since we have had a positive month as far as manufacturing goes on the continent. As if the poor manufacturing data wasn’t enough, a report indicated that the unemployment level in Europe is the highest it has been…ever. Currently about 12% of available European workers are without a job. I know we sound like a broken record when we continually say this, but if Europe doesn’t turn things around, prospects for the future of the continent’s collective economies are not looking up. Europe, as a whole, has been on the top of the list of places investors have been avoiding lately; for obvious reasons.