Posted on April 24, 2013
Gold Spot Price Open: $1,414
Gold Spot Price Close: $1,434
Change in Gold Spot Price:+$20
Silver Spot Price Open: $22.95
Silver Spot Price Close: $23.22
Change in Silver Spot Price:+$0.27
Gold and silver both saw positive days on Wednesday after falling off a bit on Tuesday. At the end of the day gold was up about 20 dollars and silver rose to the tune of 27 cents.
Once more, strong consumer purchasing is the culprit behind gold and silver’s gains on Wednesday. The most heavily concentrated demand has come out of Asia, but nearly all parts of the world have begun to take notice to these unheard of gold and silver prices. Once again there was widespread reports of bullion dealers running out of stock, but this does not surprise too many as demand is picking up heavily.
In Europe, German bond yields had dropped to an absolutely unheard of 30-year low. This is coupled with the fact that investors are still unsure about the collective economies in Europe. Across the world in Japan, the Central Bank’s Yen-weakening measures are seemingly going according to plan as stock markets in the country have been hitting highs left and right. All of the currency weakening going on in the world, it is no wonder that bond yields are hitting lows while stock markets are seeing these periods of growth. Many fear that this has gone on too long, but for many the results thus far are hard to argue with.
Weakened currencies are good for precious metals, but so long as investors are more interested in corporate stocks than they are hard assets, it will not do too much to propel gold or silver forward by any drastic margins.