Gold Spot Price Open: $1,365
Gold Spot Price Close: $1,395
Change in Gold Spot Price:+$30
Silver Spot Price Open: $22.42
Silver Spot Price Close: $22.95
Change in Silver Spot Price:+$0.53
Gold and silver both made substantial gains on Monday as the day actually got off to a start that makes these ending numbers seem highly improbable. When all was said and done gold picked up closer to thirty dollars while silver gained a few pennies over a half dollar.
Though stock markets in Asia and the US did pretty well today, gold and silver were both able to make some surprisingly solid gains. Bargain hunting a and short covering were mostly to thank for gold and silver’s midday explosion though an economic report out of the US likely helped as well. This economic news out of the US stated that if debt problems are not addressed throughout the duration of 2013 then US debt may be forced to be downgraded. This news was thought to be neutral as far as precious metals markets are concerned, but many think hat it is not mere coincidence that this report and gold and silver’s ascension happened almost simultaneously on Monday.
More news out of China prolongs the thought that their economy is struggling. This past April saw housing prices in the large Asian country rise by anywhere between 2 and 3 percent. The reason these numbers are not so clear is because different stories from China reported different numbers. One news story reported that housing prices in China rose by barely over two percent, whereas another report indicated that housing prices in China grew in April by almost four percent. Despite the numbers not being exact, we are able to tell that China is quickly mounting economic problems. Monetary officials are going to need to alter their current policies in order to ward off high inflation that, at this point, seems inevitable.
As the week wears on we hope to hear more news regarding the future of Quantitative Easing as it is the topic of many marketplace rumors. No announcements have been scheduled as of yet, though rumors continue to circulate and spread like wildfire.
